SALES OF Tysabri, the multiple sclerosis drug manufactured by Elan, have continued to grow in the second quarter, the company’s chief executive Kelly Martin said.
Speaking after the drugmaker’s agm in Dublin yesterday, Mr Martin said Tysabri had “enormous headroom to grow” towards a market share of 20 per cent, up from its current share of around 12 per cent. The number of patients taking the drug worldwide increased 16 per cent last year, with the rate of growth accelerating to 20 per cent in the first quarter.
Mr Martin, who is due to step down as Elan chief executive on May 1st, 2012, received supportive comments from one shareholder, who called for his fixed-term contract to be made open-ended and praised his role in guiding the company out of turbulent times.
Afterwards, Mr Martin said “history will judge” his performance as chief executive, adding that he understood the frustrations of shareholders who have had to endure volatility in the share price over the years. “You can’t live your life on critics. You need to keep a view of what you’re trying to do – particularly in a business that’s long term,” Mr Martin said. “Elan is focusing on an area of neuroscience that is really the greenfield of science over the next 20 years, because there’s such a lack of therapeutic options for people.”
Elan’s new chairman Bob Ingram said the company was taking succession planning seriously, but had not yet approached anyone to replace Mr Martin.
Mr Ingram also confirmed Elan will support the Deferno Trust, a foundation established by Sligo-based shareholder and finance professional Declan Walsh, whose wife, Dr Natalie Murphy, has progressive multifocal leukoencephalopathy as a result of taking Tysabri and requires 24-hour care.
To date, some 124 Tysabri patients have been diagnosed with the rare brain condition, a potential side effect of the drug, while there have been 23 deaths.
Addressing Elan’s directors, Mr Walsh invited Elan to make all resources available to ensure his wife received the best possible care. He called on the company to appoint a patient liaison officer to assist patients and families, free of “hospital jargon”, and asked Elan and its partner on Tysabri, Biogen, to sponsor a PhD research programme in the area of Tysabri-related PML in the name of the Deferno Trust.
“As a research professional herself, with a PhD in pharmacology, Natalie has always championed the need for constant research,” Mr Walsh said.
Mr Ingram commended Mr Walsh on his “poignant words” and said there was “clearly an obligation” on Elan. “It is an inspiring story in many ways, albeit tragically,” he said. “I have no doubt that we will do what’s right and be compassionate as possible and respond to those requests.”
