From $0 to $12B in an in­stant. Here's why bio­phar­ma loves risky Alzheimer's stud­ies

Any­one who is strug­gling to un­der­stand why bio­phar­ma com­pa­nies are will­ing to sink bil­lions in­to piv­otal tri­als built around failed the­o­ries on how to treat Alzheimer’s need on­ly check out SVB Leerink an­a­lyst Ge­of­frey Porges’ note on Bio­gen this morn­ing for in­sight.

Porges had a chance to con­sult with a key opin­ion leader in the field who wasn’t in­volved in the ad­u­canum­ab stud­ies at Bio­gen but who is op­ti­mistic about the com­pa­ny’s chances of win­ning an ap­proval for the drug. The an­a­lyst’s un­named ex­pert was bull­ish that the sin­gle pos­i­tive study that showed a re­duc­tion in the rate of de­cline among pa­tients — EMERGE — would be enough to win an ap­proval as the first dis­ease-mod­i­fy­ing drug for the mem­o­ry-wast­ing dis­ease.

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