Shares in pharmaceutical company Elan closed 8% lower in Dublin today after US regulators put off a decision on whether its multiple sclerosis drug Tysabri can return to the US market.
In a statement, the company said the US Food & Drug Administration would extend its regulatory review of the treatment by 90 days. Elan and its partner Biogen now expect a decision on or before June 28.
Earlier this month, a panel of independent US experts which advises the FDA unanimously recommended the return of Tysabri, which was abruptly pulled from the market last year after it was linked to a life-threatening side effect.
Elan and Biogen suspended Tysabri sales in February 2005 after three patients developed an infection called PML. Two of them died.
The FDA had been expected to make a decision by the end of this month. It follows recommendations from its advisory panels.
A spokesperson for Elan described the decision as 'somewhat disappointing'. Shares in the company closed 98 cent lower at €11.20 in Dublin this evening.
