“Biogen Idec Inc. (BIIB) declined as much as 8 percent in early trading after the third-biggest biotechnology company said its experimental drug for amyotrophic lateral sclerosis failed to help patients in a clinical trial.
Biogen sank $11.95 to $138.05 at 7:34 a.m. New York time after saying it will end development of the medicine. The shares of the Weston, Massachusetts-based drugmaker gained 36 percent in the 12 months through yesterday.
Biogen’s drug, dexpramipexole, was in the third and final stages of clinical trials generally required for approval. It didn’t show any efficacy in improving patients’ function or survival, Biogen said in a statement today…”
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