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On Friday, the U.S. Food and Drug Administration approved lecanemab, the Alzheimer’s drug developed by Eisai Co (OTC:ESALY) and Biogen (NASDAQ:BIIB) for patients in the earliest stages of the disease.
The drug, which will be sold under the name Leqembi, is the second of a new category of medications approved for Alzheimer’s disease that aims to slow its advancement.
In a release by Eisai, it was revealed that the price of the drug will be $26,500 in the U.S.
Following the news, Biogen shares jumped 3.5%.
Leqembi was approved under the Accelerated Approval pathway, which allows the FDA to approve drugs for serious conditions when there is an unmet medical need, and the drug is shown to have an effect. The drug is intended for use in patients with mild cognitive impairment or mild dementia stage of the disease.
