Biogen shares rose 30% on Tuesday after the drug maker announced that it had applied for regulatory approval for the Alzheimer's drug Aducanumab. "CNBC's Jim Cramer told" Squawk on the Street. "
The announcement came months after Biogen discontinued clinical trials for the same drug after a data analysis that failed to meet its target Sold on March after the trials ended, as Wall Street had anticipated that this drug would be Biogen's next major source of income.
Biogen erased its total decline since the beginning of the year by 25% when a new analysis of a showed a larger data set. Aducanumab "reduces the clinical decline in patients with early-onset Alzheimer's disease." Patients who received the drug "received significant benefits in terms of perception and function, such as memory, orientation, and language."
Biogen plans to start Apply for FDA approval in 2020.
"With such a devastating disease Today's announcement is f really encouraging the fight against Alzheimer's, "said Biogen CEO Michel Vounatsos in the press release. "We are confident that we can offer patients the first therapy that will reduce the clinical decline in Alzheimer's disease and the potential impact of these findings on similar approaches to amyloid beta control."
Possibly, "said Cramer.
While Alzheimer's affects about 50 million people worldwide, there are no approved therapies to slow or reverse the onset of the disease.
" The whole concept of senior life will change. " Cramer added, "Do you know who is taking this medicine?" Cramer asked, "Anyone."
Prior to the announcement, Biogen announced a third-quarter result that exceeded Wall Street's expectations, with earnings rising 7.1
The drugmaker reported earnings per share of $ 9.17 with sales of $ 3.60 Analysts forecast earnings of $ 8.27 per share on revenues of $ 3.539 billion
– Reviewers contributed to this report.