Elan shares rise on drug hopes

SHARES in Elan rose as much as 7% yesterday after the drug company said its treatment for Crohn’s disease could be on the market sooner than expected.

Elan and Biogen Idec, the American firm co-developing the treatment for the painful, disease, said they would ask the European Medicines Agency (EMA) to approve the release of Antegren.

The company said it was enthused by the results of Phase 3 trials of the treatment. It had tested some patients with Antegren and others with a placebo and found that its drug had worked. As a result it was filing an application with the EMA to have the drug approved for the market.