J&J reportedly in talks to reduce offer for Elan stock

Johnson & Johnson is in talks to reduce by at least $100 million its offer to purchase an 18.4% stake in Elan, after a court ruled that part of the deal violates Elan's drug partnership with Biogen Idec, sources said. J&J and Elan declined to comment on the negotiations, which would change J&J's $1 billion cash bid but keep intact its $500 million investment in Elan's drugs.

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