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Fly News Breaks for November 19, 2019
Nov 19, 2019 | 09:10 EDT
Morgan Stanley analyst Matthew Harrison noted that the U.S. Patent and Trademark Appeal Board issued an order indicating that Sawai and Biogen (BIIB) have settled their disputes regarding the key Biogen patent protecting Tecfidera, which he said leaves Mylan (MYL) as the only other IPR challenger. Although he expects investors to view this as a step in the right direction, he still sees the IPR continuing with Mylan remaining a key overhang on Biogen shares. Even if Mylan and Biogen were to settle, the PTAB will likely continue to issue a final written decision by February 2020 since the IPR has had an oral hearing, which puts the patent at risk, said Harrison. He keeps an Underweight rating on Biogen shares.
News For BIIB;MYL From the Last 2 Days
Dec 13, 2019 | 09:55 EST
Notable gainers among liquid option names this morning include PPL Corp. (PPL) $35.26 +1.65, Adobe (ADBE) $318.02 +12.28, Biogen (BIIB) $302.08 +8.17, Ball Corp. (BLL) $64.64 +1.24, and Humana (HUM) $353.52 +6.44.
Dec 13, 2019 | 07:32 EST
Biogen announced topline results from the Phase 2 PASSPORT study of gosuranemab for progressive supranuclear palsy. The primary endpoint, as measured by the PSP rating scale at week 52, was not statistically significant. In addition, the study did not demonstrate efficacy on key clinical secondary endpoints. Based on these results, Biogen will discontinue development of gosuranemab for PSP and other primary tauopathies. "We are disappointed with the efficacy results of the Phase 2 PASSPORT study," said Alfred Sandrock Jr., M.D., Ph.D., Executive Vice President, Research and Development and Chief Medical Officer at Biogen. "We remain unwavering in our commitment to advancing therapies that have the potential to address the significant unmet medical needs of people with neurodegenerative diseases who are faced with limited to no treatment options." Safety results of the PASSPORT study were generally consistent with previous studies of gosuranemab. Detailed results of this study will be made available in a future scientific forum. Biogen will continue its ongoing Phase 2 TANGO study of gosuranemab for mild cognitive impairment due to Alzheimer's disease or mild AD, given differences in disease pathology.