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The controversial, but widely anticipated Biogen (BIIB) treatment for Alzheimer’s would only be cost-effective if it is priced between $2,500 and $8,300 a year due to “insufficient” evidence that the drug works, according to a preliminary analysis.

The assessment, which is markedly below some Wall Street estimates of $50,000, reflects the debate over clinical trials that the company submitted to the Food and Drug Administration in hopes of winning approval for its medication. The agency’s closely watched decision about the drug is expected on June 7.

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