Biogen stock rallies after full-day halt as FDA panel recommends Alzheimer’s drug for approval

Biogen Inc.
BIIB,
+1.31%
shares rallied in the extended session late Friday following a full-day halt after the biotech company received a recommendation from a Food and Drug Administration advisory committee to approve an Alzheimer’s treatment it makes with Eisai Co.
ESALF,
+9.35%
Biogen shares rallied as much as 9% after hours, after spending the regular session halted at $308.88. Eisai shares finished Friday up 9.4% at $81.03. On Friday, the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee voted unanimously to recommend the companies’ drug Leqembi to treat Alzheimer’s disease. While the FDA is not bound to committee recommendations, the agency generally follows them. Approval of the drug is expected by July 6.