Elan shares gain nearly 5% as MS drug planned

SHARES in Elan gained nearly 5% yesterday after the drug group said it was looking to launch a treatment for Multiple Sclerosis (MS) in Europe.

The company said it intended to submit an application to the European Agency for the Evaluation of Medicinal Products for approval to launch Antegren as a treatment for MS this summer.

Elan and its partner, Biogen Idec, said the decision was based on data from Phase III trials of the treatment. It did not disclose the results from the trials, but as they are only half way through the testing programme, analysts said the results would be positive.