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Biotech / Medical : Elan Corporation, plc (ELN)

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From: Arthur Radley	9/14/2009 5:45:32 PM
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Elan, J&J cut deal price, resolve Biogen dispute On Monday September 14, 2009, 5:31 pm EDT Buzz up! 0 Print.Companies:Biogen Idec Inc.Elan Corp. PlcJohnson Johnson LOS ANGELES (Reuters) - Elan Corp Plc (ISO:ELN - News) has resolved a disputed partnership agreement with Biogen Idec Inc (NasdaqGS:BIIB - News), lowering the price Johnson & Johnson (NYSE:JNJ - News) will pay for a minority stake in the Irish drugmaker. 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.

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