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Biogen Soars as Alzheimer’s Approval Cheers Investors (3)

June 8, 2021, 7:28 AM

Biogen Inc. shares surged after its controversial Alzheimer’s disease therapy was approved by U.S. regulators, a landmark decision that stands to dramatically change treatment for the debilitating brain condition.

The stock gained as much as 64% shortly after the news of the clearance, triggering a brief volatility halt. It ended up 38% at $395.85, the biggest single-day gain since drug officials first said that the treatment appeared effective in November.

The Food and Drug Administration granted the antibody therapy an accelerated approval, which means Biogen will need to conduct more research to establish its benefits for it to remain on ...