Lilly drug for Alzheimer’s fails in big study; shares drop

Eli Lilly and Co said its experimental Alzheimer’s treatment failed to slow loss of cognitive ability in patients with mild symptoms, a major setback for the company and millions of people at risk of developing the memory-robbing disease. Lilly shares were down nearly 16 percent in premarket trading after the U.S. drugmaker unveiled the long-awaited results of its large Expedition 3 study. Shares of Biogen Inc, which is developing a similar drug, fell more than 8 percent.
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