By Christiana Sciaudone
Investing.com -- Eli Lilly (NYSE:LLY) jumped 12% to a record after its experimental Alzheimer's drug slowed the rate of decline in patients.
Donanemab halted the decline in a combined measure of cognition and function in early-stage victims of the disease by about a third, Reuters reported. The drug is an antibody designed to remove clumps of the Alzheimer’s-related protein beta amyloid from the brain.
A year ago, another Lilly drug, solanezumab, failed a Phase 2/3 trial testing the treatment in people with or at risk for dominantly inherited Alzheimer's disease, MarketWatch said.
Rival Biogen (NASDAQ:BIIB) also traded higher. It is working on the drug aducanumab, which is with the U.S. Food and Drug Administration for approval, expected in March, although an expert outside panel said last year it shouldn't be approved, according to Fierce Biotech.
Lilly has struggled to show significant revenue growth over the last several quarters, though it is expected to break through $7 billion for the first time.