Biogen’s stock rallies 11% after FDA accepts application for experimental Alzheimer’s drug

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Shares of Biogen gained 11.7% in premarket trading on Friday after the company said the Food and Drug Administration (FDA) had accepted the application for the company’s investigational, and somewhat controversial, Alzheimer’s disease treatment. The regulator is expected to make a decision whether or not to approve aducanumab by March 7. In early 2019, Biogen had shelved the experimental therapy after a futility analysis indicated the drug wouldn’t meet the primary endpoints in clinical studies. Then, in October, the company surprised investors by resurfacing plans to pursue FDA approval of aducanumab. Biogen’s stock is down 6.4% for the year, while the S&P 500 is up 3.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.