Medicare limits coverage for Biogen's controversial Alzheimer's drug Aduhelm; shares fall
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CMS has proposed to severely limit coverage of Biogen's (NASDAQ:BIIB) Alzheimer's therapy Aduhelm (aducanumab) by only covering the monoclonal antibody for those currently in clinical trials.
Biogen shares are currently down ~6.5% in after-hours trading.
"Monoclonal antibodies directed against amyloid for the treatment of AD provided outside of the CMS approved randomized controlled trials and trials supported by the NIH are nationally non-covered," the memo states.

Some other companies with Alzheimer's treatments in the latter stages of development are also down in after-hours trading: Lilly (NYSE:LLY)
down 2.4%; Cassava Sciences (NASDAQ:SAVA)
down 0.9%.
However, Anavex Life Sciences Corp (NASDAQ:AVXL) and Annovis Bio (NYSE:ANVS) are up, respectively, 0.7% and 1.3%.
There is a public comment period and CMS will makea final decision by April 11.
The decision comes after Biogen last month cut the yearly price of Aduhelm in half to $26,200.