Tau Data Calls for Further Analysis into Ph3 Start

Biogen and Ionis announced that diranersen will advance to Phase 3 development for Alzheimer's despite missing its primary Phase 2 dose-response endpoint. Goldman Sachs remains Buy-rated on Biogen, noting the drug's robust tau reduction and cognitive benefit trends at the lowest dose.

Key Takeaways

• 1.BIIB and IONS will move the tau-targeting antisense oligonucleotide diranersen into Phase 3 development for Alzheimer’s disease despite missing the primary endpoint in Phase 2.
• 2.The Phase 2 study failed to show a dose-response relationship; the lowest dose (60mg Q24W) unexpectedly showed the best cognitive outcomes.
• 3.Goldman Sachs maintains a Buy rating on Biogen (BIIB) and Denali Therapeutics (DNLI) while remaining Neutral on Ionis Pharmaceuticals (IONS).

Table of Contents

• Diranersen to enter registrational development for early Alzheimer’s disease
• Data supports further evaluation of BIIB's RNA-driven approach
• BIIB's data to readthrough to DNLI
• Valuation and Risks
• Disclosure Appendix

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