SEC looks into Biogen and Elan share trades over Tysabri

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The Independent Online

The Securities and Exchange Commission is investigating share trades in the pharmaceutical company Elan and its partner Biogen, around the time the two announced their multiple sclerosis drug, Tysabri, was being taken off the shelves.

The Securities and Exchange Commission is investigating share trades in the pharmaceutical company Elan and its partner Biogen, around the time the two announced their multiple sclerosis drug, Tysabri, was being taken off the shelves.

Elan said in its annual report yesterday that the SEC was conducting an informal inquiry into share sales at the company at the time of the announcement. Sales of Tysabri, a key drug for both companies, were suspended after the death of a patient.

Thomas Bucknum, a senior executive of Biogen, resigned after it emerged he had reaped $2m from selling Biogen shares just before disclosure of the Tysabri suspension. Elan's US stock fell 70 per cent at the time and Biogen shares fell 43 per cent.

A spokeswoman for Elan said yesterday: "The investigation is purely routine and the company is co-operating fully."

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