Biogen's Stock Rises on FDA Approval of Spinraza for Spinal Muscular Atrophy

Biogen's stock has climbed 1.51% to $186.62 after the FDA approved a high-dose regimen of Spinraza for the treatment of spinal muscular atrophy. Additionally, Biogen has announced a $5.6 billion deal to acquire Apellis Pharmaceuticals for its expertise in immunology and rare diseases.

Biogen reported a significant improvement in its stock value to $186.62 following the FDA approval of a high-dose regimen of Spinraza for treating SMA in treatment-naïve infants in the Phase 2/3 DEVOTE study data .

However, there were subsequent announcements related to the company's expansion into new therapeutic areas. According to some reports [doc4 mentions growth portfolio, so could potentially be used but for this purpose discarded this one and only keep the actual deal value], Biogen agreed to a deal for $5.6 billion with Apellis Pharmaceuticals. The deal is to expand the company's product offerings in nephrology.

While the news generated mixed investor reactions, it is undeniable that Biogen is strengthening its position in significant medical specialties.