Elan shares jump after FDA decision

Shares in Elan have rocketed 9% today after the company received a huge boost in the US for its plans for a new treatment for multiple sclerosis.

Elan today saw its Antegren drug designated for priority review and accelerated approval by the US Food and Drug Administration (FDA), sparking a surge in the company's share price.

Elan shares have climbed €1.75 to €21.20 at 11.30pm today.

The treatment for multiple sclerosis (MS) should now receive formal acceptance when the application is made within 60 days of submission.

The FDA grants "Priority Review" status to products that are considered to be a potentially significant therapeutic advancement over existing therapies that address an unmet medical need.

Burt Adelman, of Elan said today: "We are pleased that the FDA has designated natalizumab for Priority Review.

"We look forward to continuing to work with the FDA throughout the review process to provide this potential new therapeutic to patients with MS," Adelman added.