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    Thursday, September 17, 2009

    J&J Alzheimer's Deal Includes Taking Stake in Elan

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    By Joanna Ossinger
    FOXBusiness
       

      A newly formed subsidiary of Johnson & Johnson (JNJ) bought substantially all of the assets and rights owned by Elan (ELN) in an Alzheimer’s disease program, the two companies announced on Thursday, and J&J will take an 18.4% stake in Elan.

      The Alzheimer’s Immunotherapy Program is a collaboration with Wyeth Pharmaceuticals (WYE) to develop drugs for the treatment and prevention of neurodegenerative conditions such as Alzheimer’s, the companies said.

      Also, J&J will, through its affiliate Janssen Pharmaceutical, invest $885 million, and will receive newly issued American depositary receipts of Elan representing an 18.4% stake in the company, the companies’ press release said.

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