Irish firm surges on back of MS drug

Elan Corporation, the long-troubled Irish drugs maker now on the rebound, surged on stock markets today after reporting that its trial drug for treating multiple sclerosis, Antegren, has been fast-tracked for potential approval in the United States.

Elan and its US partner, Biogen Idec of Cambridge, Massachusetts, applied last month to the US Food and Drug Administration for Antegren’s approval.