What happened Shares of Eli Lilly (NYSE: LLY) were soaring 10.7% as of 3:37 p.m. EDT on Monday. The big jump came after the Food and Drug Administration (FDA) approved Biogen's (NASDAQ: BIIB) aducanumab (Aduhelm) in treating Alzheimer's disease. So what Why was Biogen's good news such a strong catalyst for Lilly? The big pharma stock rose because investors are hoping that the FDA approval of aducanumab improves the likelihood that Lilly will also win approval for its Alzheimer's disease drug candidate donanemab. Image source: Getty Images. In March, Lilly reported promising results from a phase 2 study evaluating donanemab in treating Alzheimer's. The experimental drug showed a significant slowing of cognitive decline in patients with early Alzheimer's compared to placebo. Now what Lilly chief scientific officer Dan Skovronsky stated in April that the drugmaker wouldn't seek an accelerated approval path for donanemab. The company is evaluating the experimental drug in a phase 3 study that will take around a year to fully enroll patients. With Biogen's stunning FDA victory for aducanumab, however, investors will want to watch closely to see if Lilly rethinks its decision and tries for an early approval of donanemab after all. 10 stocks we like better than Eli Lilly and CompanyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Eli Lilly and Company wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Keith Speights has no position in any of the stocks mentioned. The Motley Fool recommends Biogen. The Motley Fool has a disclosure policy.Source