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Stock Alert: Biogen Up 5%; Submits Application To FDA For Aducanumab

Shares of biotechnology company Biogen Inc. (BIIB) are rising more than 5 percent or $14.51 in Wednesday's morning trade at $282.86.

Wednesday, Biogen and Japan-based Eisai Co., Ltd. said that Biogen has submitted a Biologics License Application or BLA to the U.S. Food and Drug Administration for the approval of aducanumab, an investigational treatment for Alzheimer's disease.

As part of the completed submission, Biogen has requested Priority Review. If approved, aducanumab would become the first therapy to reduce the clinical decline of Alzheimer's disease. Aducanumab would also be the first therapy to demonstrate that removing amyloid beta resulted in better clinical outcomes.

Biogen has traded in a range of $215.78 to $374.99 in the past 52 weeks.

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