Elan director snaps up 120,000 shares

Alan Gillespie, Elan director, has demonstrated his confidence in the pharmaceutical company by purchasing 120,000 shares at US$7.00, to a total of US$870,000.

This purchase comes in the month after the firm's CEO Kelly Martin bought US$700,000 of its shares at US$7.00.

Shares at Elan have been in recovery as concern over its debt levels subside, and this latest news is likely to encourage that trend.