Elan has yet to reach a decision on the pricing structure for suspended MS drug Tysabri but says it hopes to know more about the product's return to market before a June 28th deadline.
The company and Biogen Idec will need to see the drug's final risk profile before setting a price, Elan Chief Executive Kelly Martin said today, citing price rises for rival multiple sclerosis treatments.
"Clearly there's headroom to raise the price," Mr Martin said. "But we haven't finalised that."
Sales of Tysabri were suspended in February 2005 after three patients developed a rare brain infection, which led to two deaths. Elan has said it hopes to start relaunching the drug in the third quarter after receiving regulatory approval.
Elan stock was up 0.5 per cent at €13.50 by 1.30pm, slightly outperforming a flat ISEQ index.
The shares soared in March after a panel of US experts recommended Tysabri be allowed back onto the market subject to certain controls. The Food & Drug Administration (FDA) in the United States is considering the risk management plan for the drug and is due to reach a decision by June 28th.
Mr Martin said today he hoped there might be a judgement even before then, given the pressure from doctors and patients wanting to use Tysabri.
Tysabri is seen as key to Elan's future after a brush with bankruptcy in 2002. The company posted a smaller-than-expected net loss earlier this month and said it was confident that revenue from Tysabri would speed up a return to profitability.