Elan shares extended several days of losses today amid market jitters ahead of a US decision on the return of its suspended multiple sclerosis drug to the market.
Elan, whose prosperity hangs on the return of its key Tysabri treatment for MS to the market, was down 7.5 per cent at €10.32 euros by 3.10pm on a weak Dublin market. They earlier touched €10.20.
The stock began tumbling on Tuesday on the back of a negative broker note and accelerated downwards the following day after a medical abstract published on a US website was taken by the market to be negative.
Earlier this week the company, which has had a turbulent time in recent years, including a brush with bankruptcy, said it would suspend trading of its shares next week for the duration of the US Food and Drug Administration (FDA) review of Tysabri, withdrawn from sale last year after the death of a patient.
An FDA advisory panel meets on Tuesday and Wednesday to review the product. Dublin traders said there was nothing new propelling today's fall and that it was down to investors tidying their positions ahead of the weekend and next week's review.