Biogen (BIIB) and Japanese partner Eisai may be at odds in developing a treatment for Alzheimer's disease, an analyst said Monday after a paradoxical presentation last week.
The two are collaborating on BAN2401, an experimental Alzheimer's disease drug. But test results unveiled last week showed BAN2401 may only work in a small subset of patients. Leerink analyst Geoffrey Porges suggested Biogen would be better off focusing on its own drug, aducanumab.
Most companies would likely advance BAN2401 into Phase 3 studies, Porges said in a report to clients. But aducanumab seemingly has a better profile than BAN2401. Both belong to the same class of drugs which aim to reduce the buildup of toxic plaque in the brain.
Investors won't applaud Biogen for taking "another massive and risky chance" on BAN2401 while it has aducanumab in fully enrolled Phase 3 testing, he said. Eisai could move BAN2401 into late-stage testing on its own, he said. But that puts Eisai and Biogen at odds with potential rival drugs.