Elan Corporation says there is scope to raise prices for its suspended MS drug Tysabri and hopes along with US partner Biogen Idec to know more about the product's return to market before a June 28 deadline.
Elan and Biogen would need to see the drug's final risk profile before setting a price, Elan's CEO Kelly Martin said today, citing price rises for rival multiple sclerosis treatments.
Sales of Tysabri were suspended in February 2005 after three patients developed a rare brain infection, which led to two deaths. Elan has said it hopes to start relaunching the drug in the third quarter after receiving regulatory approval.
Elan shares had soared in March after a panel of US experts recommended Tysabri be allowed back onto the market subject to certain controls. The US Food & Drug Administration (FDA) is currently considering the risk management plan for the drug and is due to reach a decision by June 28.
Martin told the company's AGM in Dublin today that he hoped there might be a judgment even before then given the pressure from doctors and patients wanting to use Tysabri. 'Elan and Biogen and the FDA have indicated that if we can achieve clarity sooner than that we will do that,' he said.
Tysabri is seen as key to Elan's future after a brush with bankruptcy in 2002. The company posted a smaller-than-expected net loss earlier this month and said it was confident that revenue from Tysabri would speed up a return to profitability.
In terms of Elan's pipeline of other potential new drugs, the company said it still hoped to reach a decision on whether to launch a final Phase III trial on the AAB-001 Alzheimer's drug, developed with Wyeth, by the end of the year.
Shares in the company closed up 22 cent at €13.65 in Dublin.
