Elan Jumping Nearly 6% On Biogen Rumors

Elan Corporation, plc ELN shares are soaring this morning on rumors that Biogen Idec BIIB may bid for the company. Just the other day, Biogen said that it would be looking for deals to expand its portfolio of multiple sclerosis drugs, and Biogen has partnered with Elan on an MS drug before, Tysabri. At last check, shares of Elan were up 56 cents to $10.22‎ in pre-market trading, a gain of 5.80%‎. Shares of Biogen closed at $92.80 yesterday.