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Johnson & Johnson sold 25.4 million shares of Elan Corp., ending a relationship started four years ago to develop the Alzheimer’s disease drug bapineuzumab. J&J, based in New Brunswick, New Jersey, bought an 18 percent stake in the Irish biotechnology company for $1 billion in 2009 and took over bapineuzumab’s development. The medicine, designed to slow Alzheimer’s by reducing amyloid plaque buildup, failed last year in the final stage of testing. J&J sold 82 million shares back to Elan on April 18, the maximum allowed, as part of a Dutch auction, said Ernie Knewitz, a company spokesman. It sold the remaining American depositary receipts yesterday for $332.5 million, carrying out J&J’s plans to divest its Elan holdings following a portfolio review, Knewitz said. Each receipt is equal to an ordinary Elan share.
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Johnson & Johnson sold 25.4 million shares of Elan Corp., ending a relationship started four years ago to develop the Alzheimer’s disease drug bapineuzumab. J&J, based in New Brunswick, New Jersey, bought an 18 percent stake in the Irish biotechnology company for $1 billion in 2009 and took over bapineuzumab’s development. The medicine, designed to slow Alzheimer’s by reducing amyloid plaque buildup, failed last year in the final stage of testing. J&J sold 82 million shares back to Elan on April 18, the maximum allowed, as part of a Dutch auction, said Ernie Knewitz, a company spokesman. It sold the remaining American depositary receipts yesterday for $332.5 million, carrying out J&J’s plans to divest its Elan holdings following a portfolio review, Knewitz said. Each receipt is equal to an ordinary Elan share.
Help employers find you! Check out all the jobs and post your resume.
