Elan shares dip in US over Tysabri scare

Source: Healthcare Digital

Date :30/10/2008 09:58:07

Shares in Elan Corp dropped 28 percent in New York after the Irish drugmaker reported a third case of the brain disease progressive multifocal leukoencephalopathy (PML) in a patient taking its multiple scelroris drug Tysabri.

Elan's shares fell to US$5.50. Its partner in producing the drug, Biogen, saw its shares fall 17 percent to US$35.50.

Two cases of PML in patients taking Tysabri were previously reported in July, prompting the companies to revise the drug's prescribing information.

Tysabri was withdrawn from the market in 2005 after three patients contracted PML, two of whom died. The drug returned to the market in 2006 with warnings attached by the US Food and Drug Administration.