Biogen gets stock bump on Eli Lilly Alzheimer's news

The preliminary benefit of Lilly’s treatment , which works similarly to the Cambridge biotech’s controversial aducanumab, “adds momentum and belief” to the idea that targeting a toxic brain plaque called amyloid can slow the cognitive decline associated with Alzheimer’s, Biogen CEO Michel Vounatsos said at the J.P. Morgan Healthcare Conference .

That theory, dubbed the amyloid hypothesis, had reached a scientific nadir in recent years after a string of similar medicines failed to benefit patients in key clinical trials.

Biogen’s share price rose more than 8 percent on the news, hitting its highest value since November, when a group of expert advisers to the Food and Drug Administration recommended strongly against the approval of aducanumab and sent the company’s valuation into a tailspin.

Walsh’s health care experience is extensive: Before her BMC appointment, she was a top executive at Brigham and Women’s Hospital, and before that served as chief operating officer at Novartis Institutes for Biomedical Research.

The US branded coffee chain segment, which is dominated by Starbucks and Dunkin,’ saw sales plunge 24 percent to $36 billion in the past 12 months predominantly due to COVID-19 disruptions, the London-based group said Monday in a report.

GameStop jumped more than 12 percent Monday after activist investor Ryan Cohen stepped up his transformation efforts at the struggling video-game retailer, gaining a seat on the company’s board along with two allies.

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