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Elan dives on brain disease in MS patients
August 1, 2008 / 7:21 AM / in 9 years

Elan dives on brain disease in MS patients

DUBLIN, Aug 1 (Reuters) - Shares in Elan Corp ELN.I shed half their value on Friday after the Irish drug maker and U.S. partner Biogen Idec (BIIB.O) revealed two new brain disease cases in patients taking their Tysabri multiple sclerosis drug.

The latest slide means shares in Dublin-based Elan have lost 70 percent over the last week. The stock slumped 30 percent on Wednesday after disappointing data on an experimental Alzheimer’s drug Elan ELN.L is developing with Wyeth WYE.N.

Elan ELN.N, whose recovery from a brush with bankruptcy in 2002 has been linked closely to Tysabri, will hold a conference call at 1230 GMT.

Tysabri was withdrawn in 2005 after three patients developed the potentially deadly brain infection progressive multifocal leukoencephalopathy (PML). The drug returned to the market in 2006 with warnings and tougher prescription guidelines.

For more please double click on [ID:nN31328314] or [ELN.I] (Reporting by Paul Hoskins; Editing by Paul Bolding)

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