Elan News

European stock markets drifted further away from one-year highs this morning, with financial shares under pressure after Bank of England Governor Mervyn King added his voice to calls for root-and-branch reforms of the sector.

IRISH BIOTECH group Elan reported profit after tax of $52 million in the third quarter, driven by strong growth in sales of multiple sclerosis drug Tysabri and factors associated with the recent $885 million investment by Johnson & Johnson.

Athlone-based pharmaceutical group Elan has today reported net income of $52.3 million for its fiscal third quarter compared to a loss of $83.5 million last year.

Johnson & Johnson is seeking to lower the price of its planned $1.5 billion investment in Irish biotech group Elan Corp., according to a major media report.

The Iseq index of Irish shares was broadly flat today, finishing down around half a per cent on a quiet day for local corporate news.

Tuesday, July 14 08:20:19 An Alzheimer's therapy, being developed in part by Irish biotech group Elan and fast-tracked by the US regulator, has passed its first human trials.

Pharmaceutical group Elan saw its share price move 19 per cent in the right direction today, providing the big story of the day on the Iseq index.

IRISH BIOTECH group Elan last night announced a boardroom shake-up that will see one of the management's most vociferous critics become a non-executive director of the company.