Elan shares rally to gain over 15%

ELAN shares staged a remarkable recovery yesterday, gaining more than 15% just a day after it was asked to provide documents to the US trade regulator in a price-fixing investigation.

According to the filing with the Securities and Exchange Commission, Elan and SkyePharma’s Brightstone Pharma unit were subpoenaed late last year as part of an investigation into whether they did a deal to stop generic competition to Elan’s painkiller Naprelan.

An Elan spokesperson said it was confident it will not affect the company.