The European Commission has granted Elan marketing approval for its painkiller Prialt.
The drug is derived from a tropical sea snail, the pharmaceutical company said today.
An infusion treatment for severe chronic pain, Prialt won US regulatory approval in December last year. The drug targets patients who do not respond to traditional painkillers, including morphine.
Although industry analysts see only modest worldwide sales of Prialt, endorsement of the drug, after lengthy delays, is important for sentiment.
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Elan - whose shares collapsed three years ago amid worries over its accounts - is relying on new products, particularly multiple-sclerosis treatment Tysabri, to revive its fortunes.