Elan to cut prices for shameful Tysabri

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Friday April 01, 07:50

Elan to cut prices for shameful Tysabri

(by Natali Novak)

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Irish pharmaceutical firm Elan seems forced to announce a selling-off program at the end of this month after Wednesday’s announcement about the death of the patient who was enrolled in a clinical trial testing Tysabri because of progressive multifocal leukoencephalopathy(PML).

The failure reduced to zero the companies’ efforts to bring Tysabri, a rival to Teva Pharmaceutical Industries’ drug Copaxone, back to market after it was suppressed last month. Now, the market future of the drug became uncertain also because of the company’s debts. Elan is involved in about $1bn debt to repay in 2008. The Tysabri’s break-down makes the hopes for coming back to profitability nearly impossible, experts say.

Despite the fact that Elan and its US partner Biogen are testing the 3,000 patients with regard to PML, more expensive trials seem to be required before regulators consider allowing the drug to return to the market, analysts say.

Elan could not avoid the influence of the scandal. Its shares lost more than a half yesterday to close at Ђ2.40, a near-90% fall since the trouble with the MS drug started.

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Read the related news and articles:
31 Mar 2005 08:05 AM	Tysabri of Elan and Biogen kills patients and stocks
31 Mar 2005 07:16 AM	PIPER JAFFRAY CUT ELAN TO "MARKET PERFORM" FROM "OUTPERFORM"
31 Mar 2005 03:16 AM	DEUTSCHE BANK CUT ELAN TO '’SELL'’ FROM '’HOLD'’
18 Mar 2005 10:59 AM	No hope looms in Northern Ireland issue, US says
01 Mar 2005 08:04 AM	Biogen Idec and Elan withdraw their drug to benefit Teva

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