Backing for MS drug boosts Elan

SHARES in Elan soared by 5.91% yesterday, adding €444 million to the value of the company.

The rise in the share price came as a direct result of an announcement by Elan and Biogen Idec that their treatment for multiple sclerosis (MS) Antegren is to get fast track approval status from the US Food and Drug Administration (FDA).

At mid-day yesterday, the shares were up more than 10%, but profit taking in the afternoon session reduced the daily gain to just 5.9%.