Elan surge keeps ISEQ up
18/10/2004 - 11:15:16Elan stock surged by €1.30 to €18.30 in morning ISEQ trading today after a newspaper report that US company Biogen was considering a bid for the company.
The Sunday Tribune yesterday quoted US sources as saying that Biogen was looking at an €8.5bn all-share offer and that a deal could be struck within nine months.
The two companies are working together on developing the Antegren treatment for multiple sclerosis and Crohn's disease.
The market overall was up 32.79 points to 5618.83.
Financial stocks were all down today, with the biggest fall (30 cent) being recorded by Anglo Irish Bank. AIB was down three cent to €13.72, while Bank of Ireland was down nine to €10.83. Irish Life and Permanent fell four cent to €12.87.
