Elan shares jumped over 7% today on the Dublin stock exchange after it said it was planning to submit Antegren, an experimental multiple sclerosis drug it is developing with Biogen, for approval by European regulators this summer.
Shares in both companies soared last month after they announced plans to file Antegren with US regulators a year ahead of schedule.
The Athlone-based company said the decision to file was made after discussion with European regulatory officials, based on one year data from the ongoing Phase 3 trials.
Last month Elan said that it expected to file an application with the US Food and Drug Administration by the middle of the year for approval of Antegren as a treatment for multiple sclerosis. If approved, Antegren could be on the market in 2005, ahead of a previous target of 2006.
The drug is also undergoing trials for the treatment of Crohn's disease and rheumatoid arthritis.
The growing multiple sclerosis drug market is estimated by some analysts to be worth up to $6 billion and they believe that Elan's share of this market could be 40% or more.
Elan, once Ireland's biggest company, has been struggling to recover after its stock collapsed in 2002 amid concerns about its accountancy practices and looming debt. Since then it has raised $2 billion by selling several assets and cutting costs.
The shares closed up 74 cent to €16.14 in Dublin.
