Biogen witnessed a productive surge in shares by 38% after receiving FDA approval of the Alzheimer’s drug, considered to be a breakthrough in Alzheimer’s treatment so far, and is considered to be a new concept therapy approved in almost two decades.
The drug is named aducanumab and is the very first drug to have received clearance by the U.S. regulators focused on slow cognitive decline in people suffering from Alzheimer’s.Aducanumab is marketed under the brand name Aduhelm, is expected to hold a significant commercial value, and generate revenue of billions of dollars for the company. On Monday, June 07, 2021, the Food and Drug Administration officiated the approval of Biogen Alzheimer’s disease targeted therapeutic drug aducanumab. This decision has been anticipated for a while now, and prior to the official announcement, Biogen stock was halted.
The American multinational Biotechnology company based in Massachusetts declared a list price for aducanumab on Monday, June 07, of about $56,000 per year, and will be $4,312 per infusion. Regarding the price of the therapy, Michel Vounatsos, CEO of Biogen, said that the prices were quite fair and the company would not escalate them in the next four years.