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CORRECT: Biogen, Elan shares dive after new Tysabri-PML link

SAN FRANCISCO (MarketWatch) — Shares of Biogen Idec Inc. and Elan Corp. dropped in after-hours activity Thursday following a Securities and Exchange Commission filing stating their multiple sclerosis drug Tysabri was linked to two new cases of a rare and often fatal brain inflammation. Shares of Biogen Idec fell 16% to $58.60 and Elan shares dropped 36% to $12.93 in late-trading. Tysabri has been linked to a rare condition called progressive multifocal leukoencephalopathy (PML), where the white matter in the brain becomes inflamed. The drug had been taken off the market briefly after its 2004 Food and Drug Administration approval after three deaths from PML had been linked to the drug. Tysabri was allowed back on the market in 2006 after no other cases had been identified. (Corrects Biogen, Elan stock prices.)
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Original post by Forextvblog

This entry was posted on Thursday, July 31st, 2008 at 4:12 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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