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Sequoia

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Biogen Idec Inc. BIIB -3.45% said its Phase 3 clinical trial for an ALS treatment didn't meet its primary goals, causing the biopharmaceutical firm to discontinue development of the drug for the disease.

Shares sank 5.9% to $141.21 premarket. As of Wednesday's close, the stock was down 1.9% over the past three months.

The drug, dexpramipexole, didn't meet the main goals regarding function or survival, and the trial also failed to show efficacy in its key secondary goals. Analysis of multiple sub-populations failed to demonstrate any efficacy among these groups, as well.

ALS, also known as Lou Gehrig's disease, is a disease of the nerve cells in the brain and spinal cord that control voluntary muscle movement.

"We share the disappointment of members of the ALS community, who had hoped that dexpramipexole would offer a meaningful new treatment option, " said Douglas E. Williams, executive vice president of research and development at Biogen Idec.

He added that the trial still represented a significant contribution to ALS research and the company maintains a commitment to advancing ALS science.

Biogen's late-stage product pipeline, which includes its BG-12 experimental pill for multiple sclerosis, has remained in focus recently. The U.S. Food and Drug Administration recently extended its review of the pill by three months--a standard extension period--to provide additional time to review the application. A possible approval for the drug, which analysts say has blockbuster potential, has been expected for March.

The company's experimental treatment for hemophilia B recently met key goals in a late stage study, paving the way for potential FDA approval next year. Data for a late-stage study for hemophilia A--the bigger of two markets--is expected by year's end.

In October, the company said its third-quarter earnings rose as it saw growth of its biggest drug, multiple-sclerosis treatment Avonex, and received a boost from a gain tied to Benlysta.
 
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