Irish drug company Elan today announced its plans to submit an experimental multiple sclerosis drug it is developing with Biogen Idec for approval by European regulators this summer.
"The decision to file [Antegren] was made after discussion with European regulatory officials, based on one-year data from the ongoing phase III trials in MS," Elan said. "The companies are committed to completing these two-year trials."
Elan and Biogen surprised the market last month by revealing they were ready to seek approval for Antegren from the US Food and Drug Administration (FDA) a year ahead of schedule.
The news sent shares in both companies soaring.
Elan has said that, if approved, Antegren could be on the market in early 2005, ahead of a previous target of 2006.
That would give the companies a step up on their rivals in the growing and hotly contested MS drug market, estimated by some analysts to be worth up to $4 billion.
The MS drug market is dominated by German-based Schering's Betaseron, Swiss-based Serono's Rebif, Israeli firm Teva's Copaxone, and Biogen's own Avonex.
Former stock market high-flier Elan is still struggling to recover from a 90 per cent slide in its share price in 2002 on concerns about debts and an investigation by US regulators into accounting practices.
It is pinning its hopes on Antegren, which is also undergoing trials as a treatment for other complaints including the bowel disorder Crohn's disease and rheumatoid arthritis.