(Sharecast News) - Shares in drugmaker Biogen surged on Wednesday after the Food and Drug Administration seemingly indicated that its Alzheimer's drug was sufficiently safe and effective.
The FDA looked like it was willing to endorse approving the aducanumab, making it the first new Alzheimer's therapy in almost 20 years.
Outside advisers to the FDA will issue a non-binding vote on whether to recommend aducanumab's approval on Friday.
The FDA said data from a large clinical trial undertaken by Biogen had been "robust and exceptionally persuasive", endorsing the drug's effects on the cognition of Alzheimer's patients.
While a second, all but identical study did not show a significant benefit, upon closer review, the FDA said it agreed with Biogen's statements that the sum of all the data pointed towards aducanumab being helpful to patients.
As of 1635 GMT, Biogen shares had shot up 38.84% to $342.96 each.
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