Eli Lilly Slips On Controversy Over FDA Nod To Rival Biogen

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Eli Lilly Slips On Controversy Over FDA Nod To Rival Biogen
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com – Shares of Eli Lilly (NYSE: LLY ), which has a potential drug for Alzheimer’s awaiting FDA approval, fell more than 4% Friday amid mounting criticism over the regulator's approval of rival Biogen's (NASDAQ: BIIB ) ‘aduhelm’ for treatment of the fatal disease.

With the controversy getting further fueled by Biogen's $56,000 tag for the annual course of the medicine, there are fears that FDA's approval of Lilly's drug may be delayed.

Monday (NASDAQ: MNDY ), Biogen’s aduhelm became the first drug in 18 years to secure Food and Drug Administration’s nod for treatment of patients suffering from the neurodegenerative disease.

The FDA has been accused of ignoring the advice of its own outside advisors, who said Biogen did not provide enough evidence of clinical benefit over the existing prescriptions. Three of the advisory panel's members have resigned in protest since Monday’s decision by the regulator.

Lilly's donanemab is a monoclonal antibody and has completed phase-2 trials.

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