Sola Failures Appears 'Near-Perfect' for Biogen (BIIB) - Stifel

November 23, 2016 8:40 AM EST
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Stifel analyst Thomas Shrader weighed in on Biogen (NASDAQ: BIIB) Eli Lilly's Solanezumab did not meet its primary endpoint in the EXPEDITION3 clinical trial. Solanezumab's near-miss is near-Perfect for Biogen, Shrader said.

Shrader commented, "Solanezumab did not meet its primary endpoint in the EXPEDITION3 clinical trial, a result we fully expected for an antibody that principally binds the wrong form of A-beta plaque in a trial that chased a signal in more advanced patients. The final P-value of 0.095 and directionally positive secondary endpoints seem too far from significance for the drug to be approved by even the most lenient of FDA and Lilly reported there will not be a regulatory submission. This situation seems ideal for Biogen and the aducanumab development story which we view as focused on a better antibody in a more appropriate population. Going forward, the only competition for aducanumab is likely to come from the BACE inhibitors (Merck and Biogen / Eisai) and RAGE inhibitors (vTv therapeutics) – if these molecules are safe and efficacious (several pivotal trials are ongoing)."

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