Biogen on hold for trading ahead of FDA AdCom vote on Alzheimer’s drug

• Biogen (NASDAQ:BIIB) shares will remain on hold for trading as an FDA advisory committee is set to meet on Friday to discuss full approval for Alzheimer's therapy Leqembi which the agency cleared under accelerated approval early this year.
• The shares of Eisai (OTCPK:ESALF) (OTCPK:ESAIY), Biogen's (BIIB) Japanese partner for Leqembi, closed ~3% higher in Tokyo on Friday.
• Ahead of the AdCom meeting, the FDA issued briefing documents on Leqembi on Wednesday, sending the shares of Biogen (BIIB) higher in a move attributed to generally positive comments on the anti-amyloid therapy.
• Mizuho analyst Salim Syed argued that the document contained only one voting question for the panel instead of four questions the FDA posed for a similar AdCom meeting on Aduhelm, the controversially approved Alzheimer's therapy developed by the same companies.

More on Leqembi

• Biogen upgraded to overweight at Piper Sandler on bullish Leqembi outlook
• Eisai: Growth In Japan Markets, Leqembi The Main Long-Term Growth Driver