US health care giant Johnson & Johnson is to take up an 18.4 percent stake in Irish drugmaker Elan and acquire rights to Elan's Alzheimer's disease trial drugs, the companies said Thursday.
They anticipate concluding the transaction in the second half of 2009.
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Alzheimer's disease is a progressive neurodegenerative disease affecting memory and thinking and making the person increasingly dependent on others.
Alzheimer's disease is a progressive neurodegenerative disease affecting memory and thinking and making the person increasingly dependent on others.
It was also announced that the American firm would initially commit up to 500 million dollars to continue the development of a potential "first-in-class" treatment for slowing Alzheimer's disease, as well as other compounds.
The boards of directors of both Johnson & Johnson and Elan have each approved the transaction, which represents the culmination of an in-depth strategic review by Elan, a joint statement said.
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Elan will receive a 49.9 percent equity interest in a newly formed Johnson & Johnson company that will acquire the AIP Program and a similar share of the profits and certain royalty payments upon the commercialization of products under the collaboration with Wyeth, the statement said.
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An experimental drug called ustekinumab made by Johnson & Johnson has proved safe and effective in prevent psoriasis progression for one year or more in two trials.
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Source-AFP
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