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In addition, Johnson & Johnson (J&J), through its affiliate, will invest $1 billion in Elan in exchange for newly issued American depositary receipts of Elan which will represent 18.4% of Elan's outstanding ordinary shares.
The Alzheimer's immunotherapy program (AIP) represents Elan's interest in a collaboration with Wyeth to research, develop and commercialize selective products for the treatment and/or prevention of neurodegenerative conditions, including Alzheimer's disease.
Johnson & Johnson, through its affiliate, will assume and continue Elan's activities with Wyeth under the AIP program and will initially commit up to $500 million to continue the development and launch activities of bapineuzumab, a potential treatment that is being evaluated for slowing the progression of Alzheimer's disease, as well as other compounds. The agreement provides for additional funding obligations of the parties if needed.
In consideration for the transfer of these rights and assets, Elan will receive a 49.9% equity interest in the newly formed Johnson & Johnson company that will acquire the AIP program. Elan will be entitled to a 49.9% share of the profits and certain royalty payments upon the commercialization of products under the collaboration with Wyeth.
The AIP program includes multiple compounds being evaluated for slowing the progression of Alzheimer's disease. The lead compound (bapineuzumab), administered intravenously once every three months, is currently in Phase III clinical trials. A subcutaneous formulation, administered once a week, is currently in Phase II trials. In addition, a vaccine for Alzheimer's disease (ACC-001) is also under development.
Sheri McCoy, worldwide chairman of pharmaceuticals at J&J, said: "Alzheimer's disease is a significant unmet need in aging populations globally. Johnson & Johnson's development capabilities, commercial experience and global reach will provide the foundation to accelerate the AIP program development, and increase its potential availability for patients globally."
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