J&J to gain 18.4% stake in Elan for $1.5 billion

Johnson & Johnson announced that it will pay $1.5 billion to acquire an 18.4% stake in Elan and gain rights to the biotech firm's drug portfolio for Alzheimer's disease. J&J will pay for continuing the development of bapineuzumab, one of Elan's Alzheimer's drug candidates in late-stage studies.

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