Johnson & Johnson and Elan Corp Plc said they have closed the deal under which J&J's newly formed unit Janssen Alzheimer Immunotherapy acquired all the assets and rights related to Elan's Alzheimer's Immunotherapy Program (AIP).
The unit will take over Elan's interest in a research partnership the Irish drugmaker had with Wyeth Pharmaceuticals, under the AIP, and continue to develop an Alzheimer's drug called bapineuzumab, it said.
The companies also closed the equity investment deal, under which J&J, through its affiliate Janssen Pharmaceutical, invested $885 million for an 18.4 percent stake in Elan, Johnson & Johnson said in a statement.
On Sept. 14, J&J cut the amount it will pay for its 18.4 percent stake in Elan by $115 million to $885 million. [ID:nN14502229]
Shares of Johnson & Johnson were flat at $60.38 Thursday morning on the New York Stock Exchange, while those of Elan were up 1 percent at $7.64.
(Reporting by Shailesh Kuber in Bangalore; Editing by Unnikrishnan Nair)