12:17 AM
kotesh
Biogen and Elan both plunged after the companies voluntarily took their multiple sclerosis treatment off the market because of safety concerns. Biogen plunged by 46 percent to $36.63 while Elan lost more than two-thirds of its value, falling 67 percent to $8.83.
The companies said they withdrew the drug, Tysabri, after one patient died and another became seriously ill when the drug was used in conjunction with another MS treatment, Avonex
But the news sent shares of Serono soaring, up 18 percent to $18.26. Removing Tysabri off the market takes away a key threat for Serono's own MS treatment, Rebif.
The companies said they withdrew the drug, Tysabri, after one patient died and another became seriously ill when the drug was used in conjunction with another MS treatment, Avonex
But the news sent shares of Serono soaring, up 18 percent to $18.26. Removing Tysabri off the market takes away a key threat for Serono's own MS treatment, Rebif.
