Biogen, Ionis Shares Rally On Positive Trial Of Treatment For Spinal Muscular Atrophy

Shares of Biogen Inc. and Ionis Pharmaceuticals Inc. rallied premarket after the companies reported positive results from a late-stage trial of an investigational treatment for later-onset spinal muscular atrophy. The companies said the trial met its primary endpoint at the interim analysis of Cherish, a study evaluating Spinraza, or nusinersen. The analysis "found that children receiving Spinraza experienced a highly statistically significant improvement in motor function compared to those who did not receive treatment," the companies said in a statement. Biogen is preparing for the launch of the treatment in the U.S., possibly as early as year-end or the first quarter of 2017. Biogen shares rose 3.5% in premarket trade, while Ionis was up 12.5%. S&P 500 futures were up 1.4%.