Johnson & Johnson in Elan deal

Healthcare company Johnson & Johnson (J&J) is to spend $1bn (£610m) on an 18.4 per cent stake in Irish biotech company Elan and will also pick up a stake in the firm’s experimental Alzheimer’s treatment, it said yesterday. The transaction will hand J&J an interest in bapineuzumab, an experimental drug for Alzheimer’s that is in the final stages of testing on humans. The company said it was prepared to plough some $500m into development of the drug, which has had mixed reviews from its testing phase.