Antegren goes for European approval

ELAN submitted its flagship Antegren drug for approval by European regulators as a treatment for Crohn’s disease yesterday, saying tests showed it worked over a 12-month period.

Antegren, which is being developed with US partner Biogen Idec, has led a dramatic recovery in Elan’s fortunes, after its stock plunged 90% in 2002 on concerns about liquidity and an accounting probe by US market regulators.

Analysts think the medicine, which is being developed primarily as a treatment for multiple sclerosis, but also for Crohn’s and rheumatoid arthritis, could generate annual sales of more than $1 billion.