Biotechnology: Readthrough from BIIB080 Ph2 Alzheimer's Data Study

Research evidence excerpt

Biotechnology: Readthrough from BIIB080 Ph2 Alzheimer's Data Study

Update

May 14, 2026 02:49 PM GMT

Morgan Stanley & Co. LLCMBiotechnology | North America Michael E Ulz

Equity Analyst

Readthrough from BIIB080 Ph2 Mike.Ulz@morganstanley.comAvraham Novick +1 212 761-4650

Research Associate

Avi.Novick@morganstanley.com +1 212 761-2231

Alzheimer's Data Study Rohit Bhasin

Rohit.Bhasin@morganstanley.com +1 212 761-0534

Topline Ph2 CELIA results for Diranersen ( BIIB080/tau) in

Biotechnology

Alzheimer's disease missed the primary endpoint, but based on North America

the totality of the data, BIIB announced plans to advance into Industry View Attractive

Ph3. Overall, we see positive readthrough to partner IONS and

ARWR's anti-tau program.

Key Takeaways

IONS' partner BIIB announced topline results from Ph2 CELIA study of diranersen

(anti-tau ASO) in Alzheimer's disease (AD).

Diranersen missed on the primary endpoint, but demonstrated notable impacts

on biomarkers and cognitive benefit, supporting advancement into Ph3.

IONS: Positive readthrough as Ionis is entitled to milestone payments and

royalties from the program.

ARWR: Positive readthrough on initial tau validation ahead of Ph1/2a ARO-MAPT

data in HVs late 3Q26/early4Q and AD data 2027.

Anti-tau program progressing into Ph3. Ionis partner Biogen (covered by Terence

Flynn) announced initial topline results from the Ph2 CELIA study of diranersen

(anti-tau ASO; aka IONIS-MAPTRx/BIIB080) in patients with Alzheimer's disease

(AD) and its intention to advance the program into registrational development (BIIB

PR here; IONS PR here; Terence Flynn's note here). Though the study missed its

primary endpoint of assessing dose response for change from baseline on the