April 21, 2011 / 12:27 PM / 6 years ago

UPDATE 1-Biogen shares soar on multiple sclerosis drug data

* 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

*

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below