Shares in Elan drop by 7%
The company said it would only release further information on the proposed treatment for multiple sclerosis, a disorder that affects the nervous system, when Antegren had received approval from US drug authorities.
Davy analyst Jack Gorman said the news was of no relevance to the product launch or the integrity of the trial data. But it meant Elan would not be in a position to make the data public in time for a meeting of the European Committee for Treatment and Research in Multiple Sclerosis in October, he said.
Information on the trials was not expected before November as a result of yesterday’s announcement. Elan also said yesterday that it had submitted applications for Antegren to drug authorities in Canada and would follow up with similar applications in Switzerland and Australia before the end of the year. Applications covering use of the drug in the US and the EU were submitted earlier this year. Both applications have been fast-tracked by the relevant authorities.
Goodbody analyst Ian Hunter said the decision not to publish data on the current trials was to avoid having an impact on the review process being undertaken by the American Food and Drug Administration (FDA). The news that Elan had begun the process of getting approval for Antegren in a number of new countries would extend the drug’s geographical reach and enhance its potential.
The delay in providing fresh information on Antegren was seen as good news for developers of rival drugs. Shares in Switzerland-based pharmaceutical Serono rose more than 1% as investors placed a higher value on multiple sclerosis drug Rebif.
Antegren is considered a key driver behind Elan’s share price as investors expect it could eventually deliver sales of more than $2 billion (€1.6 billion) every year.
Elan is working on the drug in conjunction with American company Biogen Idec.
The share price staged a late recovery in pre-close trading.
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