Potential EU approval for Biogen's Alzheimer's drug underway; shares rise

Shares of drugmaker Biogen BIIB.O rise 2.8% to $118.42

BIIB says that the final process for the European Commission's decision on the marketing authorization application for the company's Alzheimer's drug lecanemab is underway

The update comes after the reconfirmation of the positive opinion for the drug's approval by the Committee for Medicinal Products for Human Use (CHMP) in February 2025

The therapy, already approved in U.S. and many other countries, could become Europe's first drug approved to treat the neurodegenerative condition directly rather than just its symptoms

As of last close, stock has fallen 23.1% YTD