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Biogen stock falls more than 6% after Medicare plans coverage limits for pricy Alzheimer’s drug

Biogen Inc.
BIIB,
+2.64%
shares fell extra than 6% in the prolonged session Tuesday just after the Centers for Medicare and Medicaid Services, which oversees the Medicare method, explained it options to go over the biotech’s controversial Alzheimer’s drug Aduhelm and upcoming some others like it only in selected situations. CMS’s proposal is that Foods and Drug Administration-permitted monoclonal antibodies such as Aduhelm and others in its class would be coated for persons with Medicare only if they are enrolled in “qualifying clinical trials,” the agency reported. The proposed determination is open to community comment for 30 days. If the proposal is finalized, CMS will assessment every medical trial submitted to decide no matter if it fulfills its conditions. Medicare patients participating in these trials would be qualified to receive protection of the drug, linked services, and other program fees, CMS stated. Aduhelm, the 1st new remedy for Alzheimer’s in 20 yrs, was approved by the Fda for the treatment method of the neurodegenerative disease in June but its gross sales have disappointed investors and have been a little portion of what Biogen expected.

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