Elanco rises on label update for its skin disease treatment for dogs

** Shares of animal health company Elanco ELAN.N rise 2.2% to $19.45 premarket

** The U.S. FDA has removed "risk of fatal vaccine-induced disease" from the label of its skin allergy drug for dogs, Zenrelia, in the U.S., company says

** "The totality of evidence supports removal of the risk of fatal vaccine-induced disease from modified live virus vaccines from the labeling," company quotes FDA as saying

** The drug, however, still includes a boxed warning — the most severe issued by the FDA — that continues to advise discontinuation of Zenrelia prior to and after vaccination for at least 28 days due to the risk of inadequate immune response to vaccines

** Up to last close, shares up 57.1% YTD