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J&J and Elan close deal

J&J and Elan agree deal for Alzheimer's Immunotherapy Programme and investment plan

Johnson & Johnson's (J&J) newly formed subsidiary Janssen Alzheimer Immunotherapy has acquired all the assets and rights of Elan related to its Alzheimer's Immunotherapy Programme (AIP).

As part of the deal, through its affiliate Janssen Pharmaceutical, J&J has invested $885m in exchange for newly issued American Depositary Receipts (ADRs) of Elan, which represents 18.4 per cent the firm's outstanding ordinary shares.

The AIP represents Elan's interest in a collboration with Wyeth Pharmaceuticals to research, develop and commercialise selective products for the treatment and/or prevention of neurodegenerative conditions, including Alzheimer's disease.

Janssen Alzheimer Immunotherapy will take over Elan's activities with Wyeth under the terms of the AIP and will develop activities for bapineuzumab, a potential first-in-class treatment being evaluated for slowing the progress of Alzheimer's.

The AIP includes multiple compounds being evaluated for slowing the progression of the disease. Lead compound, bapineuzumab, administered intravenously once every three months, is currently in phase III trials. In addition, a subcutaneous formulation administered once a week is in phase II trials, as is a vaccine for Alzheimer's.

17th September 2009

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