Shares in pharmaceutical company Elan rose by more than 7% in Dublin earlier today, after the firm and its partner Biogen announced that they would submit an application for the approval of Antegren as a treatment for Crohn's disease in Europe.
The companies expect to make the application to the European Medicines Agency in the final quarter of this year.
Elan said trials with the drug had produced positive results among patients with Crohn's, which is a disease of the gastrointestinal tract which can cause a range of debilitating symptoms.
In a separate statement, Elan announced the completion of its agreement to sell the North American commercialisation rights of Frova to Vernalis for $55m.
After reaching highs of €20 earlier today, Elan shares closed at €19.67 in Dublin this evening - a gain of 99 cent.
