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Expand chart
Data: Money.net; Chart: Axios Visuals

Biogen was a shattered biotech company in March after it pulled the plug on its new Alzheimer's drug, but it recaptured Wall Street's good graces by looking at its data again and deciding to shoot for FDA approval after all.

Reality check: Alzheimer's affects almost 6 million Americans, and those patients and their families have desperately sought an effective treatment. But independent experts have not reviewed Biogen's data, and the industry isn't exactly on good footing right now when it comes to being forthright about its data.

What they're saying: Many stock traders are skeptical of Biogen's new Alzheimer's claims, Stat reported.

  • One of the two large clinical trials still failed.
  • Everything depends on whether patients actually improved their cognitive functions on higher doses of the drug, called aducanumab.

Yes, but: That skepticism doesn't mean the drug won't get FDA approval.

  • The FDA has shown a willingness recently to approve drugs, sometimes controversially, if they treat conditions with a dearth of options and if companies agree to conduct post hoc studies.

The big picture: The public should always be skeptical of drug company data and claims — especially with this drug, and in the industry's current state.

  • Any drug treating Alzheimer's would greatly alter society, both clinically and financially, so there's a lot of pressure to get something like this right.
  • There's also a lot of pressure to make sure drug companies aren't manipulating the results. Novartis recently got approval for Zolgensma, the world's most expensive drug, but the FDA later found out the company's data was faulty — and Novartis knew about it.

Go deeper: The outlook for Alzheimer's research keeps getting bleaker

Go deeper

Mitt Romney calls Ray Dalio's China investments a "sad moral lapse"

Sen. Mitt Romney walks to a Senate Republican caucus meeting at the Capitol on Oct. 7. Photo: Stefani Reynolds/Bloomberg via Getty Images

Sen. Mitt Romney (R-Utah) on Thursday criticized billionaire Ray Dalio's investments in China, writing in a tweet that "his feigned ignorance of China's horrific abuses and rationalization of complicit investments there is a sad moral lapse."

Driving the news: Romney's comments come after Dalio's firm, Bridgewater Associates, the largest hedge fund in the world, raised $1.3 billion in November for a new private fund in China, Bloomberg reports.

Updated 55 mins ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: First known U.S. case of Omicron variant identified in California — America probably won't lead the effort to understand Omicron — CDC prepares tougher testing rules for international travelers.
  2. Politics: Omicron travel bans are sign of what's to come — Meta removes accounts linked to COVID disinformation effort by China.
  3. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  4. World: Germany approves new restrictions for unvaccinated people — Omicron variant detected in more countriesWHO advises people 60 or older to postpone travel due to Omicron
  5. Variant tracker: Where different strains are spreading.
Updated 2 hours ago - Politics & Policy

U.S. faces urgent anti-hacker crisis

Illustration: Allie Carl/Axios

The Biden administration is accelerating efforts to fill nearly 600,000 vacant cybersecurity positions in the public and private sectors bogging down efforts to protect digital infrastructure.

Why it matters: Following a deluge of ransomware attacks targeting critical government and corporate infrastructure this year, clogs in the talent pipeline are leaving federal, cash-strapped local governments and Big Business even more susceptible to hacking.