Eisai Shares Rise Sharply After U.S. FDA Grants Priority Review for Potential Alzheimer's Drug
July 05 2022 - 11:05PM
Dow Jones News
By Kosaku Narioka
Eisai Co. shares rose sharply Wednesday morning, following news
the U.S. Food and Drug Administration has granted a priority review
for the application of lecanemab to treat Alzheimer's disease.
The shares were recently 4.9% higher at 6,110 yen ($44.97) after
rising as much as 5.3% earlier.
Eisai and Biogen Inc. said in a statement Wednesday that a phase
3 clinical study for lecanemab is ongoing and that the FDA had
agreed that the results of the study could be used to verify the
clinical benefit of the drug.
Eisai and Biogen have been jointly working on the development
and commercialization of Alzheimer's disease treatments since 2014.
Eisai serves as the lead of lecanemab development and regulatory
submissions globally, the companies said.
Eisai said in March it would give up its right to share in
profits from Aduhelm, the Alzheimer's drug it helped develop with
Biogen.
Aduhelm was approved last year in the U.S. in a controversial
decision by the FDA.
Analysts had expected the drug would notch billions of dollars
in sales. But many doctors questioned whether Aduhelm really
worked, and sales lagged behind as Medicare and other health
insurers balked at its price tag.
Eisai's shares surged above Y12,000 in June last year following
the approval of Aduhelm, but have since given up all their
gains.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
July 05, 2022 22:50 ET (02:50 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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