Elan gets subpoena over Tysabri drug

NEW YORK (Reuters) - Elan Corp Plc said on Tuesday it received a U.S. Securities and Exchange Commission subpoena over its disclosure of two cases of an often fatal brain disorder tied to use of its Tysabri multiple sclerosis drug.

In a regulatory filing, Elan said it received the subpoena last Thursday in connection with the July 31, 2008 disclosure. The Dublin-based company sells the multiple sclerosis drug with Biogen Idec Inc.

Elan said the subpoena also requests records and information about its July 29, 2008 discussion of clinical trial data for its bapineuzumab drug intended to treat Alzheimer’s disease.

The company disclosed the subpoena in a filing outlining its plan to sell $600 million of seven-year senior notes. It said it intends to provide the SEC with “materials in connection with the investigation.”

Johnson & Johnson this month bought an 18.4 percent stake in Elan and substantially all of Elan’s rights related to an Alzheimer’s immunotherapy program.

Elan shares fell 21 cents to $7.13 in morning trading in New York.

Reporting by Jonathan Stempel, editing by Gerald E. McCormick