Medicare bombshell blows hole in Biogen value
America’s federal health insurance program, Medicare, has said it will restrict access to Aduhelm (aducanumab), ending months of speculation over how administrators would respond to the product’s mixed reception.
Fearing the writing on the wall for the newly-approved Alzheimer’s med, investors offloaded stock in the biologic’s developer, Biogen (Nasdaq: BIIB), overnight.
Biogen shares have dropped by over a tenth, while co-developer Eisai (TYO: 4523) also saw its share price take a hit.
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