Biogen stock plunge shows 'investment model in drug development is all wrong,' says former Aetna CEO [CNBC]
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Source: CNBC
Biogen's stock plummet shows the 'investment model in drug development is all wrong,' says former Aetna CEO Investors need to change their approach to investing in pharmaceutical companies that are working to develop life-altering treatments, former Aetna Chairman and CEO Mark Bertolini told CNBC on Friday. Bertolini, who resigned from his posts at Aetna last year after the insurer's $69 billion merger with CVS Health "The investment model in drug development is all wrong," he said in an interview with " Squawk Box Biogen Bertolini spoke a day after Biogen's stock posted its worst day in 14 years As many as 5.5 million Americans over the age of 65 suffer from Alzheimer's, a progressive disease that often affects memory, thinking and behavior. Biogen's experimental drug targeted a compound in the brain known as beta amyloid, which was believed by many scientists and drugmakers to play a role in the devastating disease. An independent audit revealed the drug was unlikely to work. The bi
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