Elan CEO Confident on Tysabri's Future

Elan's (ELN Quote) chief executive said he believes the multiple sclerosis drug Tysabri, whose sales were suspended after a patient died while taking it, will again be given the green light by regulators.

According to published reports, Kelly Martin said he expects Tysabri to return to the market. Reuters reported that Martin said a safety investigation of the drug should end by mid-to-late summer, after which talks with the Food and Drug Administration could start.

Martin spoke to reporters after Elan's annual shareholder meeting in Dublin, the report said.

Elan and partner Biogen Idec (BIIB Quote) pulled the drug in February after two people taking the drug contracted a brain disease called progressive multifocal leukoencephalopathy. One died. Tysabri was cleared for marketing by the FDA late last year.

Shares of Elan were gaining 96 cents, or 13%, to $8.17. Biogen Idec was up 62 cents to $38.61.