Shares in pharmaceutical company Elan surged by over 6% in Dublin today after the company received a boost from the US Food & Drug Administration.
Elan said this morning that the US watchdog had designated its Antegren application for priority review and accelerated application.
Elan and its partner Biogen applied to the FDA in late May for approval for Antegren as a treatment for multiple sclerosis.
The FDA gives priority review status to products it thinks are potentially significant advances on existing treatments that address an unmet medical need. The news means Elan can expect a decision within six months, rather than 10 months under a standard review.
The shares closed €1.25 higher at to €20.70 in Dublin this evening.
