Pfizer rumour sends Elan shares soaring by 9%

IRISH pharmaceutical firm Elan saw its share price jump by more than 9% in Dublin and 6% in New York yesterday, after healthcare giant Pfizer became the latest name to be linked with a potential takeover bid for the Dublin and Athlone-based company.

The speculation arose yesterday from the US and comes hot on the heels of reports last weekend that talks between Elan and Bristol-Myers Squibb had fallen through.

Elan has also recently been talked about as a possible takeover target for Danish pharma, Lundbeck, but that company recently said it would not be able to raise the required funds, in the current credit environment, to buy a company like Elan.