Elan’s dive hits Irish pension funds

THE plunge in Elan’s share price has wiped €400 million off the value of Irish pension funds in the first quarter.

Since February 28, when Elan announced the suspension of trading of its MS drug Tysabri, its shares fell by more than 68% on the day.

Overall, the fall over the first quarter of 2005 has been 80% and it undermined the growing status of the stock, which has climbed to being the fourth largest stock during last year after a gain of 250%.