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Biogen Idec and Elan today (July 31) notified regulators of two confirmed cases of a potentially deadly brain disease among patients being treated with the companies' multiple sclerosis (MS) drug, Tysabri. Biogen, based in Cambridge, Mass., several years ago bought Idec, a successful San Diego biotech, to form Biogen Idec, based in Cambridge. Elan is based in Dublin, Ireland. Sales of the drug were suspended three years ago after three cases of the brain infection arose. Tysabri returned the next year, and the companies said that in cases of the relapsing form of MS, use of the drug increased the proportion of patients who were disease-free. Thus, today's news, coming after the market was closed, was devastating. Two hours after the closing, Biogen Idec stock was down 21 percent to $55 and Elan down 42 percent to $11.68.
Biogen Idec and Elan today (July 31) notified regulators of two confirmed cases of a potentially deadly brain disease among patients being treated with the companies' multiple sclerosis (MS) drug, Tysabri. Biogen, based in Cambridge, Mass., several years ago bought Idec, a successful San Diego biotech, to form Biogen Idec, based in Cambridge. Elan is based in Dublin, Ireland. Sales of the drug were suspended three years ago after three cases of the brain infection arose. Tysabri returned the next year, and the companies said that in cases of the relapsing form of MS, use of the drug increased the proportion of patients who were disease-free. Thus, today's news, coming after the market was closed, was devastating. Two hours after the closing, Biogen Idec stock was down 21 percent to $55 and Elan down 42 percent to $11.68.