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Biogen: Alzheimer's drug fails in Phase II study.

(CercleFinance.com) - Biogen shares are down 4% in premarket trading on Thursday as the biotech company unveiled disappointing Phase II results in early Alzheimer's disease.

An independent data monitoring committee has determined that BAN2401, an anti-amyloid beta protofibril antibody, did not meet the criteria for success at 12 months in the 856-patient clinical study.

BAN2401 is a humanized monoclonal antibody for Alzheimer's disease that is the result of a strategic research alliance between Japan's Eisai and Sweden's BioArctic.

Since March 2014, Eisai and Biogen have been jointly developing the product.

Biogen shares were down 4% at 320.1 dollars before Wall Street opened. However, the stock has still risen by 27% so far this year.

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