Market dives as Elan drug withdrawn

THE Irish market tumbled yesterday as Elan announced the suspension of Tysabri. The index dropped 387.40 points to finish at 6271.62.

Pharmaceutical Company Elan announced that they had voluntarily withdrawn the multiple sclerosis drug over the news of severe reactions in two patients, on the combination therapy with Avonex. The stock lost €13.81 or 68% off Friday's close and finished at €6.49 having dipped as low as €6.00 during the day’s trading.

The financial stocks were mixed. Allied Irish Bank gained 16c to €16.25, while Anglo-Irish slipped 10c to €19.90. Bank of Ireland remained steady at €12.67, while Irish Life & Permanent advanced to €15.35.

Elsewhere, Kerry Group added 45c to €18.45, while Ryanair eased 4c to €6.11. Readymix dropped 4c to €2.06.