Elan Corp (ELN) Shares Fall Despite J&J (JNJ) Takeover Speculation
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Shares of Elan Corporation, plc (NYSE: ELN) are under pressure in early action Friday despite vague takeover speculation from overseas.
ThisIsMoney.com.uk is reporting that Johnson & Johnson (NYSE: JNJ) could be interested in the Alzheimer's and MS drug maker.
Johnson & Johnson is no stranger to Elan. The U.S. pharma giant acquired assets and rights of Elan Alzheimer's Immunotherapy Program in 2009 in exchange for an 18.4 percent stake. Elan has given a 49.9% shareholding in J&J's Janssen Alzheimer Immunotherapy as part of the deal.
Still a deal may be complicated given Elan's arrangement with Biogen Idec Inc. (Nasdaq: BIIB) for Tysabri.
Shares of Elan have been trading near 52-week high levels. The stock is down 4.4 percent in early action Friday to $13.24.
ThisIsMoney.com.uk is reporting that Johnson & Johnson (NYSE: JNJ) could be interested in the Alzheimer's and MS drug maker.
Johnson & Johnson is no stranger to Elan. The U.S. pharma giant acquired assets and rights of Elan Alzheimer's Immunotherapy Program in 2009 in exchange for an 18.4 percent stake. Elan has given a 49.9% shareholding in J&J's Janssen Alzheimer Immunotherapy as part of the deal.
Still a deal may be complicated given Elan's arrangement with Biogen Idec Inc. (Nasdaq: BIIB) for Tysabri.
Shares of Elan have been trading near 52-week high levels. The stock is down 4.4 percent in early action Friday to $13.24.
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