Elan dismisses rumour of merger

SHARES in Elan gained as much as 8% yesterday before the company dismissed weekend reports that it was in merger talks with an American drug firm.

According to a Sunday newspaper, Elan was in preliminary talks with Biogen Idec, the company that is jointly developing a treatment for Multiple Sclerosis with the Irish firm.

Elan shares gained nearly 8% at one stage on the Irish market before the company denied the claims.