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Johnson & Johnson and Elan Close Transaction Related to Alzheimer's Immunotherapy Program and Equity Investment

Posted on: Fri, 25 Sep 2009 23:43:00 EDT

Symbols: JNJ

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Sep 23, 2009 (Close-Up Media via COMTEX) --
JNJ | Quote | Chart | News | PowerRating -- Johnson & Johnson and Elan announced that Janssen Alzheimer Immunotherapy, a subsidiary of Johnson & Johnson, has completed the acquisition of substantially all of the assets and rights of Elan related to its Alzheimer's Immunotherapy Program (AIP).

In addition, Johnson & Johnson, through its affiliate, Janssen Pharmaceutical, has invested $885 million in exchange for newly issued American Depositary Receipts (ADRs) of Elan, representing 18.4 percent of Elan's outstanding ordinary shares.

The AIP represented Elan's interest in a collaboration with Wyeth Pharmaceuticals to research, develop and commercialize selective products for the treatment and/or prevention of neurodegenerative conditions, including Alzheimer's Disease.

Janssen Alzheimer Immunotherapy will now assume Elan's activities with Wyeth under the AIP and continue development activities for bapineuzumab, a potential treatment being evaluated for slowing the progression of Alzheimer's Disease.

The AIP 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 3 clinical trials. A subcutaneous formulation, administered once a week, is currently in Phase 2 trials. In addition, a vaccine for Alzheimer's Disease (ACC-001) is also in Phase 2 trials.

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