Biogen, Elan Hit Again
Updated from 10:05 a.m. EST
Shares in
Biogen Idec
(BIIB) - Get Report
and
Elan
(ELN)
fell Friday after the biotech companies said late Thursday that a second patient using their multiple sclerosis drug had contracted a rare disease.
Shares of both companies
plunged Monday after they suspended sales of the multiple sclerosis drug Tysabri in first disclosing the medical situation.
At the time, the companies said one patient had died after taking Tysabri for more than two years with Avonex, an MS drug made by Biogen Idec. They also cited a second patient suspected of developing the rare and often fatal central nervous system disease called progressive multifocal leukoencephalopathy, or PML.
In Thursday's statement, the companies said: "The investigator has now changed the status of the second case from suspected to confirmed," adding that they are "continuing to examine these two cases."
Tysabri is the first biotech drug to be withdrawn from the market.
Biogen shares fell $1.37, or 3.5%, to $37.96, having fallen almost $30 Monday; Elan's fell 57 cents, or 8.6%, to $6.08, after losing more than two-thirds of their value Monday.