William Blair analyst Matt Phipps noted that Eli Lilly (LLY) and Roche (RHHBY) announced that the Dominantly Inherited Alzheimer's Network Trials Unit, or "DIAN-TU," study of solanezumab and gantenerumab in patients with or at-risk for autosomal dominant Alzheimer's disease did not meet its primary endpoint, which he sees as "discouraging for the amyloid hypothesis of Alzheimer's disease." However, Phipps believe the effect on sentiment toward Biogen's (BIIB) aducanumab will be minimal given that the FDA review will come down to the regulator's interpretation of the subgroup analysis from the ENGAGE and EMERGE trials as well as "any political pressures that come into play." Phipps, who does not believe aducanumab will be approved on this review, but admits that "political pressures for devastating diseases with no alternative therapies have led to FDA approvals based on less-than-perfect clinical data packages," keeps a Market Perform rating on Biogen shares.

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