Today was a day of good news for multiple sclerosis patients: FDA granted approval to a new anti-multiple sclerosis drug Antegren developed by Biogen Idec Inc. after a priority review including one-year data from two Phase III studies. This is the first anti-MS drug approved by the FDA in eight years.

 

The new drug will be introduced in the market under the name Tysabri and will be marketed jointly with Elan Corp. The sales of Tysabri could reach as much as $3 billion. Biogen’s CEO James Mullen predicted for Tysabri a 50% share in the MS market despite competition with Pfizer and Serono’s Rebif and Ms drugs sold by Schering AG and Teva Pharmaceutical Industries Ltd.

 

The good news was quickly reflected in the stock prices of both companies, almost quadrupling the price of Elan shares this year to reach 22.02 euros yesterday in Dublin. Biogen Idec was at 44.51 euros ($58.53) in Frankfurt yesterday.