Johnson & Johnson Buys Access to Alzheimer’s Drug

Johnson & Johnson, the American health care giant, will pay $1 billion to the Irish drug maker Elan to gain access to Alzheimer’s disease treatments, the companies said Thursday.

Johnson & Johnson will acquire “substantially all of the assets and rights of Elan related to its Alzheimer’s Immunotherapy Program” through a new company, the two drug makers said in a statement. Johnson & Johnson will also invest $1 billion in Elan in exchange for American depositary receipts equivalent to 18.4 percent of Elan’s shares.

The Alzheimer’s program stake represents Elan’s ownership in a project with Wyeth, another American drug maker. The arrangement calls for Johnson & Johnson to commit up to $500 million to develop promising Alzheimer’s treatments, including bapineuzumab, which is in phase-3 clinical trials.

Read Full Article from New York Times

- Posted: 2009-07-02 09:40:33

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