What passes for excitement when it comes to Biogen’s Alzheimer’s gambit
Last month, when Biogen made the stunning decision to submit its once-sidelined Alzheimer’s disease treatment for FDA approval, there was serious skepticism from experts, weary ambivalence from analysts, and frustrated resignation from investors. And yet the company’s share price is up about 30%, so surely someone believes reviving aducanumab is a good idea.
Yesterday, SVB Leerink analyst Geoffery Porges put that optimism into words, listing 20 reasons why Biogen’s treatment is “likely to get approved.” What’s interesting is both the source — Porges in the past described Biogen’s Alzheimer’s investments as “company-destroying” — and the text. Porges doesn’t spend a lot of time arguing that aducanumab works but rather delineating how it’s fairly safe, how the FDA has been flexible in the past, and how history and even politics might help Biogen’s case.
More and more, the closest thing Wall Street has to consensus on aducanumab is not that it should be approved but that it would be foolish to assume that the drug's many risks and red flags guarantee a rejection.
Yesterday, SVB Leerink analyst Geoffery Porges put that optimism into words, listing 20 reasons why Biogen’s treatment is “likely to get approved.” What’s interesting is both the source — Porges in the past described Biogen’s Alzheimer’s investments as “company-destroying” — and the text. Porges doesn’t spend a lot of time arguing that aducanumab works but rather delineating how it’s fairly safe, how the FDA has been flexible in the past, and how history and even politics might help Biogen’s case.
More and more, the closest thing Wall Street has to consensus on aducanumab is not that it should be approved but that it would be foolish to assume that the drug's many risks and red flags guarantee a rejection.
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