Oracle not alone in Elan slide

Fri Apr 1, 2005

Welcome to the exciting world of pharma investing where high-flying returns built on would-be wonder drugs can turn into a poison pill quicker than you can say sell. No, this isn't another story about recalled pain-killer Vioxx and the smarts it caused hedge funds holding Merck. This time around it's a tale about hedge funds who suffered portfolio shock after injecting big bucks into Biogen and Elan, the producers of the drug Tysabri.

You will already have heard that Larry Feinberg's Oracle took a major blow from Tysabri's double-barreled debacle when he found himself holding 1.3 million shares of Biogen and close to 4.6 million shares of Elan at the start of the quarter. But you may not have heard of all of the other hedge fund groups that were invested in both companies over the same period.

The story begins in mid-February when Biogen stock rocketed to...

ISSN: 2151-1845 / CDC10004H

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