U.S. Regulators Probe Sale of Elan Shares Before Withdrawal of Drug

Elan said Monday that U.S. regulators were investigating trades in the pharmaceutical company's shares immediately before they plummeted over the surprise withdrawal of a top new drug. Elan shares have lost 85 percent of their value since Feb. 28, when Tysabri — the multiple sclerosis-fighting drug Elan is developing in partnership with Biogen Idec of Massachusetts — was publicly linked to a potentially fatal disease of the central nervous system.
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