Elan Corp Plc
Elan said in a statement on Monday it has cured an unintended breach of its Tysabri collaboration agreement with Biogen.
The company said J&J will invest $885 million in Elan in exchange for 18.4 percent of Elan's outstanding shares. The deal had previously called for a $1 billion payment.
Elan said J&J will still pay $500 million to acquire a major stake in Elan's portfolio of experimental Alzheimer's drugs.
A U.S. District Court ruled earlier this month that Elan's pending deal with J&J violated Elan's 50-50 partnership to sell multiple sclerosis drug Tysabri with Biogen, a Cambridge, Massachusetts-based biotech company whose shareholders include billionaire investor Carl Icahn.
(Reporting by Deena Beasley; editing by Andre Grenon)