Eisai Co. Ltd. JP:4523 said Tuesday that the Veterans Health Administration will cover Leqembi, the Alzheimer’s disease treatment it developed with Biogen Inc. BIIB that received an accelerated approval in January. The drug is not broadly covered at this time by the Centers for Medicare and Medicaid Services given its accelerated approval status. U.S. regulators are currently reviewing the drug for full approval, with a decision expected by July 6. “We see the VHA decision as the beginning of a potential series of wins on the reimbursement front for Leqembi, with the larger catalyst being the CMS potentially revisiting the currently restrictive [national coverage determination] after full approval,” William Blair analysts told investors on Monday. (The Veterans Health news was first reported by Stat on Monday.) Eisai’s U.S.-listed stock is down 16.9% so far this year, while Biogen’s shares have tumbled 6.6%. The S&P 500 SPX is up 0.8% since the start of the year.
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