(Update: June 24, 2021 at 09:32 a.m. ET)
Eli Lilly shares jumped over 8% in morning trading after the drug maker said it received breakthrough therapy designation for its Alzheimer's treatment from the Food and Drug Administration.
The move is meant to expedite the development and review of the experimental treatment.
Rival Biogen, whose own drug was approved earlier this month, fell over 6% in premarket trading. The FDA has faced criticism from some doctors and scientists for approving that drug.