Swedish regions are being advised against the use of research firm BioArctic's Alzheimer's drug, Leqembi, following a decision by an expert council which deems the high price tag unjustified.

"The authorities have demanded price levels at which it is unprofitable to launch the treatment in Sweden," BioArctic's Head of IR, Oskar Bosson, told Dagens industri.

BioArctic, which developed the treatment in partnership with Japan's Eisai, considers the move "devastating for Swedish patients."

Leqembi has been approved in the EU since last autumn, but the Swedish healthcare system has yet to begin using the drug. For this to occur, a recommendation is first required from the NT Council, a collaborative body that determines whether new drug treatments should be introduced.

Pricing negotiations have been a central component of the discussions between the parties. The NT Council states that the drug cost for one year of treatment for a patient weighing between 70 and 100 kilograms is approximately 380,000 SEK.

The council also refers to a health-economic assessment from the TLV (The Dental and Pharmaceutical Benefits Agency), whose evaluation shows that the cost per quality-adjusted life year gained is high.

Leqembi is already approved for use in markets including China, the US, and Japan; consequently, Sweden represents a small market for BioArctic in financial terms.

BioArctic's shares fell 6.4 percent on the Stockholm Stock Exchange on Friday.