Elan shares plunge as another patient dies
{{date|June 2, 2005}}<br>

[[Ireland|Irish]] biotech firm [[w:Élan|Élan]] has seen its shares plunge this morning after it revealed that a fourth patient taking its new [[w:multiple sclerosis|multiple sclerosis]] drug Tysabri had contracted a fatal brain disease.

Whilst US stock markets have not yet opened for business, [[w:Athlone|Athlone]] based Élan has suffered a 22% drop on the [[w:Irish Stock Exchange|Irish Stock Exchange]] and a 21.5% drop on the [[w:London Stock Exchange|London Stock Exchange]]. That means that so far today the firms market value has dropped by over €400mm to €1.9bn. The firm was once valued at over €20bn before the failure of Tysabri and an accounting investigation.

Élan was once one of Ireland's biggest business success stories. Élan still employs over 2,000 people in Ireland and reported revenues of $464.0 million in 2004.

{{haveyoursay}}
== Related news ==
*{{Wikinews|title=Elan; Biogen withdraw multiple sclerosis drug after death|date=March 1, 2005}}

== Sources ==
*{{source|url=http://www.rte.ie/business/2005/0602/elan.html| title=Elan shares fall on reported fourth PML case | author= |pub=RTE News|date=June 2, 2005}}
*{{source|url=http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2005-06-02T091858Z_01_KNE233508_RTRUKOC_0_HEALTH-ELAN.xml| title=Elan falls on new report of Tysabri-linked illness | author= |pub=Reuters|date=June 2, 2005}}
*{{source|url=http://www.boston.com/business/technology/biotechnology/articles/2005/06/02/a_fourth_death_may_be_tied_to_biogens_ms_drug/| title=A fourth death may be tied to Biogen's MS drug | author=Jeffrey Krasner |pub=Boston Globe|date=June 2, 2005}}

== External links ==
*[http://www.elan.com/ Elan's corporate website]
*[http://finance.yahoo.com/q?s=ELN Elan's Nasdaq Shareprice]
*[http://finance.yahoo.com/q?s=DRX.IR Elan's Irish shareprice]
*[http://finance.yahoo.com/q?s=ELA.L Elan's London shareprice]

{{publish}}
{{archived}}
{{PD-Article}}

[[Category:Europe]]
[[Category:Ireland]]
[[Category:County Westmeath]]
[[Category:Economy and business]]
[[Category:Health]]
[[Category:Stock market]]
Irish biotech firm Élan has seen its shares plunge this morning after it revealed that a fourth patient taking its new multiple sclerosis drug Tysabri had contracted a fatal brain disease.

Whilst US stock markets have not yet opened for business, Athlone based Élan has suffered a 22% drop on the Irish Stock Exchange and a 21.5% drop on the London Stock Exchange. That means that so far today the firms market value has dropped by over €400mm to €1.9bn. The firm was once valued at over €20bn before the failure of Tysabri and an accounting investigation.

Élan was once one of Ireland's biggest business success stories. Élan still employs over 2,000 people in Ireland and reported revenues of $464.0 million in 2004.
Europe Ireland County Westmeath Economy and business Health Stock market