Elan (ELN) and Biogen (BIIB) Weak On Jump In Tysabri PML Cases

Shares of Elan (NYSE: ELN) and partner Biogen Idec Inc. (Nasdaq: BIIB) are under pressure today after there was a meaningful jump in cases of a fatal brain disease, PML, related to the companies MS drug Tysabri. There are now 23 cases, versus 16 prior cases.

In a statement today, the European Medicines Agency said they will review "any additional measures necessary to ensure the safe use of Tysabri and how to balance the risks to the patients against the benefits of the treatment."

Analyst at R.W. Baird said the jump in cases is not surprising. The firm said, "at worst, we anticipate CHMP may recommend a drug holiday after an extended period on therapy, but is unlikely to suspend Tysabri's marketing authorization." The firm is maintaining their Neutral rating on share of Biogen Idec.

Shares of Biogen Idec are down 6 percent and shares of Elan are down 21 percent in early trading.

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