Elan surge on relaunch hope

SHARES in Elan gained as much 26% yesterday as hopes for the relaunch of the company’s multiple sclerosis treatment increased.

Elan, which saw its shares plummet following the withdrawal of the Tysabri drug in February following the death of three patients treated with it, saw its shares rise by €1.10 to €5.30 in early trading on the Irish market. They eased later in the day to close at €4.73, a 13% overall rise.

Since Elan released first-quarter results last week, shares have jumped by around 50%, giving the company a market value of €1.6 billion.