Eli Lilly and Co (NYSE:LLY) stock was moving higher as Roche revealed that an experimental rival treatment for Alzheimer’s failed in a Phase III clinical trial.
Roche earlier today announced that its drug candidate gantenerumab failed to slow dementia progression in a twin drug trial (Graduate 1 and 2).
The trials in 2,000 patients in the early stages of Alzheimer’s disease had aimed to show that the drug could help patients better preserve abilities such as remembering, solving problems, orientation and personal care – however, whilst results showed a ‘relative reduction in clinical decline’ the margin was determined to be “not statistically significant”.
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Stock market analysts reckoned that the Alzheimer drug had potential for park annual sales of US$10 billion had it been successful.
Eli Lilly and another rival drug company, Biogen Inc (NASDAQ:BIIB), each have their own Alzheimer drugs in development and investors have reacted to Roche’s disappointment accordingly.
In New York, Eli Lilly stock climbed close to 2% higher in early deals and by morning was changing hands above US$356, up around 1.5% whilst Biogen Inc (NASDAQ:BIIB) saw its stock up 4.45% at US$302.33 per share.
For Eli Lilly it marks a more positive start to this week than Friday’s frustrations after online trolls stirred up angst as pranksters on social media impersonated the company.