Copaxone competitor for treating multiple sclerosis Tysabri may again be taken off the shelves, after it was linked to new cases of progressive multifocal leukoencephalopathy (PML), a rare viral infection of the nervous system. In 2005, Tysabri , made by Biogen Idec Inc. (Nasdaq: BIIB) and Elan Corporation (NYSE; Dublin: ELN; LSE: ELA) was taken off the shelves after patients taking the drug fell ill with PML and one died.
Biogen and Elan have no plans to pull Tysabri at this time. Biogen plummeted 28.3% on Nasdaq on Friday to $50.01 and Elan fell 50.5% to $9.83. Copaxone maker Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) rose 3% on Nasdaq on Friday and 2.4% in morning trading on the TASE today.
In mid-2006, the US Food and Drug Administration (FDA) allowed Tysabri to again be marketed with restricted sales conditions. In February 2007, the FDA warned that the drug might cause liver damage to patients.
Copaxone a market share of 26% in the second quarter and Tysabri had 9%.
Bernstein Research analyst Dr. Ronny Gal says the latest Tysabri development is good news for Copaxone in the short term. He does not expect patients to switch from Tysabri to Copaxone however, but switches to Tysabri will probably decline.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2008
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