Irish drugmaker dives

LONDON - Shares of Elan Corp, Ireland's biggest drugmaker, plunged as much as 58 per cent after the company discovered a third patient with a disorder linked to its suspended Tysabri drug, a setback for efforts to bring the medication back to the market.

Elan shares fell 2.6, or 47 per cent, to 2.9 in Dublin.

Shares of Elan's US partner, Biogen Idec, fell 10 per cent to US$34.45 on the Nasdaq Stock Market.

The patient, who died in 2003, is the first known to develop the disorder, progressive multifocal leukoencephalopathy, while taking Tysabri alone rather than in combination with another drug.

That may lessen the chances that Tysabri, once expected to have sales of as much as US$4 billion a year, might be allowed back on the market.

- BLOOMBERG