Life Healthcare Group Soars On The Johannesburg Stock Exchange Following The Approval Of Biogen’s Alzheimer’s Drug. Life Healthcare Group – a South African private hospital operator – soared in trade on the Johannesburg Stock Exchange on Tuesday (8 June), after the US Food and Drugs Administration approved Biogen’s Alzheimer’s drug.
Biogen Inc’s controversial Alzheimer’s disease therapy was approved by US regulators, a landmark decision that stands to dramatically change treatment for the debilitating brain condition, Bloomberg reported. The Food and Drug Administration granted the antibody therapy an accelerated approval, meaning that Biogen will need to conduct more research to establish its benefits for it to remain on the market. Patient-advocacy groups have supported the drug despite scepticism from some scientists about its mixed record in clinical trials, Bloomberg said.
“This approval marks an exciting moment in Life Molecular Imaging’s (LMI) journey from the a research and development arm within the Bayer Pharma AG’s laboratories, to the work continued by the Piramal family over the past 20 years ago,” Life Healthcare told Business Tech. Life Healthcare Group, formerly Afrox Healthcare, is the second largest private hospital operator in South Africa, with 6,500 beds. It is owned by Brimstone Investment Corporation. It is also the largest black-owned hospital operator in South Africa. Afrox was traded on the JSE Securities Exchange until it was sold to a black empowerment group in 2005.
“At Life Healthcare, our purpose is making life better – for patients and our people. As we expand and grow our business into new markets, our purpose will become increasingly important to more people in more places. Having a part to play in improving the lives of Alzheimer’s patients and bringing hope to them and their families is significant and aligned to our purpose,” Peter Wharton-Hood, group chief executive for Life Healthcare told Business Tech.
“This is also an exciting moment for LMI’s parent company, Alliance Medical Group (AMG), one of the largest diagnostic imaging groups within Europe. AMG is well placed to assist patients undergoing diagnostic testing for Alzheimer’s disease through its network of PET-CT scanners. In addition, AMG can assist with the MRI scans that patients on aducanumab may need as part of the monitoring of their treatment,” Life Healthcare Group added.