Elan makes gains on ISEQ
Pharmaceutical company Elan saw its stock rise by over 15% following the announcement that it's multiple sclerosis drug Tysabri is expected to be put back on the market in the coming months after being withdrawn a year ago due to safety concerns.
The drug was taken off the shelves just over 12 months ago after three patients undergoing clinical trials developed a rare brain disease.
However, a panel of experts put together by the US Food and Drug Administration has now recommended that Tysabri be reintroduced as long as all patients using it are regularly monitored.
Elan rose €1.70 to €13.00 today following the announcement.
That helped the ISEQ index of Irish shares to massive gains today, with the Dublin stock exchange rising 90.10 points to 7862.94 by the end of days trading.
All the financial heavyweights recorded gains. AIB rose 18c to €19.08 while Anglo Irish Bank rose 10c to €13.40.
Bank of Ireland gained 2c to €14.77 while Irish Life and Permanent edged 1c to €18.36.
Elsewhere construction companies enjoyed good fortunes.
Construction companies made sizeable gains. CRH rose 31c to €26.90 while McInerney Holdings rose 12c to €13.00.
Readymix PLC rose 5c to €2.30.
