Shares of Biogen plummeted Thursday after the company halted the trial of Alzheimer's disease drug Aducanumab, which it was developing in partnership with Japanese pharmaceutical company Eisai.
The company said in a statement that the decision to stop the phase-3 trial came from a independent group's analysis showing that the trials were unlikely to "meet their primary endpoint." The recommendation to stop the studies was not based on safety concerns, Biogen said.
"This disappointing news confirms the complexity of treating Alzheimer's disease and the need to further advance knowledge in neuroscience. We are incredibly grateful to all the Alzheimer's disease patients, their families and the investigators who participated in the trials and contributed greatly to this research," said Michel Vounatsos, Chief Executive Officer at Biogen, in a statement.
Goldman Sachs analysts projected that sales of Aducanumab could reach $12 billion.
Biogen stock tanked more than 25 percent in pre-market trading on Thursday.
This is a developing story. Check back for updates.
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