Merrill keeps Elan at sell

Elan Corp. plc was maintained with a sell rating by Merrill Lynch analyst Erica Whittaker. The Food and Drug Administration released briefing documents including a detailed list of questions for the Peripheral and Central Nervous System Drugs Advisory Committee regarding the risk-benefit of Tysabri for multiple sclerosis patients. The FDA's questions concern whether Tysabri should be returned to the market, and if so, under what conditions. Merrill believes that Tysabri will re-enter the MS market in the first half of the year under a restrictive risk management program, approved only for MS patients who have failed other therapy. The analyst is forecasting worldwide sales of about $500 million in 2010. Shares of the Dublin, Ireland, pharmaceutical company were up 20 cents, or 1.60%, at $12.70 on volume of 17,134,000 shares versus the three-month running average of 10,605,400 shares. (NYSE: ELN)

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