Elan retained at sell by Merrill

Elan Corp. plc was retained at a sell rating by Merrill Lynch analyst Erica Whittaker after the CHMP advisory committee of the European Medicines Agency recommended approval of Tysabri monotherapy in severe relapsing remitting multiple sclerosis patients. It's possible the product could launch in the second half of 2006, ahead of Merrill's first-quarter 2007 expectation. The analyst expects the Food and Drug Administration to take a more conservative view on risk-benefit than did the March Advisory Panel and only re-approve Tysabri as second-line therapy to treat patients with MS. Shares of the Dublin, Ireland, biotechnology company were up 25 cents, or 1.73%, at $14.71 on volume of 3,648,200 shares versus the three-month running average of 7,364,510 shares. (NYSE: ELN)

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