Lilly, Anavex, other Alzheimer's drug developers rise modestly on Biogen lecanemab approval
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Eli Lilly (NYSE:LLY) and Anavex Life Sciences Corp. (NASDAQ:AVXL), along with several other pharmas and biotechs working on Alzheimer's treatments, are modestly higher after the US FDA approved Biogen (BIIB) and Eisai's (OTCPK:ESALY) Leqembi (lecanemab)
Lilly, up 1.5%, is in late-stage development of its own biologic, donanemab. Two phase 3 trials are currently active, including one comparing donanemab against Biogen (BIIB) and Eisai's (OTCPK:ESALF) Aduhelm (aducanumab).

Anavex (AVXL), up 0.6%, has ANAVEX2-73 (blarcamesine), an oral treatment, in a phase 2b/3 trial. In December, the company reported robust results for the candidate in improving cognitive functioning.
Prothena (PRTA), which has two monoclonal antibodies for Alzheimer's in phase 1, PRX012 and PRX005, is up 3.5%. PRX012 has FDA Fast Track designation.
Although Roche (OTCQX:RHHBY) was dealt a setback in November 2022 following poor phase 3 data on Alzheimer's antibody therapy gantenerumab, the Swiss pharma has bepranemab and semorinemab in phase 2 development. Roche (OTCQX:RHHBF) is up 2%.

Cassava Sciences (NASDAQ:SAVA), which has the oral treatment simufilam in phase 3, is an outlier among the bunch. It is down 1.5%.