Shares in Elan reached an all-time high on the Dublin market yesterday after the drug company received a marketing authorisation from the European Commission for a new treatment for breast cancer. Myocet is used to enhance delivery of another drug, Doxorubicin, to tumor cells and reduce its side effects.

The stock rose 7.47 per cent to finish the day at €59.43, some €4.13 higher than its close on Monday. This was more than twice its lowest rating this year of €26.35, recorded on January 13th. The stock was trading at $54 7/8 shortly after lunchtime on the New York stock exchange, 3.17 per cent stronger than its previous close.