SEC opens informal probe of Elan's Tysabri withdrawal

04/12/2005 | Wall Street Journal, The

Dublin-based Elan reported the U.S. SEC is conducting an informal inquiry regarding the Feb. 28 announcement that Elan and Biogen Idec were withdrawing the multiple sclerosis drug Tysabri from the market. Elan's stock price dropped following the announcement, and a company spokeswoman said the SEC "typically conducts a routine information gathering" when there is a significant change in stock prices.

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