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The world had fairly high expectations for Biogen and Eisai’s latest clinical trial on Alzheimer’s disease, and the data, revealed Wednesday, seemed to exceed them. So why is Biogen now worth $7 billion less than it was 24 hours ago?

That’s the conversation reverberating around biotech Thursday, and the answer boils down confusion about patient groups and, of course, renewed skepticism of the amyloid hypothesis.


Here’s your guide to the debate over Biogen and Eisai’s drug, BAN2401.

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