The past week was busy for the biotech sector with quite a few data releases. Biogen BIIB and Conatus CNAT crash on study setbacks while the FDA refused to approve Lexicon’s diabetes candidate. Meanwhile, Gilead’s GILD HIV drug was approved in Japan.

Recap of the Week’s Top Stories:

Biogen Crashes on Alzheimer’s Study Failure:  Shares of Biogen declined after the company and its Japan-based partner Eisai announced the discontinuation of two late-stage studies, evaluating the joint Alzheimer’s disease candidate, aducanumab. The decision was taken following a futility analysis conducted by an independent data monitoring committee (IDMC). The analysis showed that the studies are unlikely to achieve their primary goals. However, there were no safety issues. Both companies were evaluating aducanumab in two phase III studies, namely ENGAGE

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