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DUBLIN, Ireland (AP) - Shares in Irish drug maker Elan Corp. PLC lost more than half their value Thursday after the company confirmed that a third patient taking its suspended drug Tysabri had contracted a rare neurological disease.
Analysts said the latest suspected link between Tysabri and a usually fatal disease called progressive multifocal leukoencephalopathy, or PML, deeply dented hopes that the drug would return to sale this year — if ever.
Elan, which is developing Tysabri in conjunction with U.S. company Biogen Idec Inc., had been counting on Tysabri's success to return the company to profit after three years of red ink and brutal restructuring.
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