UPDATE 1-Biogen shares soar on multiple sclerosis drug data

Thu Apr 21, 2011 8:25am EDT

* BG-12 cut proportion of patients who relapsed 49 pct

* BG-12 cut reduction in rate of disability by 38 pct

* Biogen shares jump 21 pct to $105 in premarket trading

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BOSTON, April 21 (Reuters) - Biogen Idec Inc (BIIB.O) reported positive data from a late-stage clinical trial of its experimental multiple sclerosis drug, BG-12, and shares jumped 21 percent in premarket trading on Thursday.

Executives told analysts on the company's first-quarter earnings conference call that the drug cut the proportion of patients who relapsed by 49 percent at two years compared with patients who took a placebo. More than 1,200 patients were in the trial.

The drug reduced the rate of disability progression by 38 percent at two years compared with placebo.

Biogen's shares rose as high as $105 in premarket trading from a close on Wednesday of $86.57 on Nasdaq. (Reporting by Toni Clarke, editing by Gerald E. McCormick)

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Comments (1)
Omoro wrote:
It is interesting that all of these MS drugs cost thousands of dollars each month. I’m sure that some of their research is funded by governments and our fundraising efforts. I think that a argument could be made for price fixing with little concern for the suffering people like my wife, but great interest in how much money can be made for corporations.

Yes, I have become cynical after years of witnessing the suffering of my wife and daughter from MS. These drugs are all expensive and they may get you to first, second or third base, but never to home. Like many others, we just want to go home.

Apr 21, 2011 9:40am EDT  --  Report as abuse
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