Eli Lilly’s (LLY) stock is rising on a news of a positive development for its Alzheimer’s medication in Canada.
Canada's Drug Agency has recommended that the cost of Eli Lilly’s Kisunla (Donanemab) Alzheimer’s treatment be reimbursed through the country’s public drug plans.
The decision means that eligible adults will see at least a portion of the costs of the medication that treats Alzheimer’s disease covered by Canada’s public system.
Canada’s Drug Agency recommends reimbursement of Kisunla for people who have early-stage Alzheimer's disease, a decision that has been welcomed by Eli Lilly and sent its stock higher.
The decision comes after Health Canada on May 1 of this year authorized Kisunla for the treatment of early-stage Alzheimer's Disease in Canadian patients.
Kisunla has been called a breakthrough in the treatment of Alzheimer’s Disease and has been shown to slow progression of the illness.
In Canada, the list price of Kisunla is $47,250 per year, which translates to roughly $3,937.50 a month.
It is up to individual Canadian provinces, along with the pan-Canadian Pharmaceutical Alliance, to finalize pricing with Eli Lilly before public coverage of the drug takes effect.
Kisunla is one of several blockbuster medications from Eli Lilly, which also makes leading weight-loss and cancer drugs.
LLY stock has risen 40% in the past 12 months to trade at $1,354.00 U.S. per share.
