Another once-promising drug for Alzheimer’s disease has failed. And the news is devastating for the drug’s developer, Biogen (NASDAQ: BIIB), which went all in on a high-stakes gamble that its treatment, aducanumab, might succeed where so many others haven’t.

This morning, Biogen reported that it is stopping two parallel, highly anticipated Phase 3 studies in Alzheimer’s called “Engage” and “Emerge” because they are likely to fail. The news sent Biogen’s shares into a tailspin, falling by more than 27 percent, to $234 apiece—levels the Cambridge, MA, firm’s stock hasn’t traded at since 2013.

As a result of the news,… Read more »