Elan - Tysabri: Elan probed by SEC over MS drug - shares tumble after subpoena is served

Elan has received a US Securities and Exchange Commission (SEC) subpoena over the pharmaceutical company's disclosure of two cases of an often fatal brain disorder tied to the use of its Tysabri multiple sclerosis drug, which sent the shares plunging by 64pc in a three-day period last year.

Elan received the subpoena in connection with the disclosure last year, the company said yesterday.

The Athlone-based company said the subpoena also requests records and information about its July 29, 2008 discussion of clinical trial data for its bapineuzumab drug intended to treat Alzheimer's.

Elan shares fell 21c to $7.13 (€4.90) during trading in New York yesterday. The company disclosed the subpoena in a filing outlining a plan to sell $600m of seven-year senior debt as part of a plan to restructure the company's borrowings.

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