Johnson & Johnson (JNJ) Unloads Entire Elan (ELN) Stake; Says Not Tied to Royalty Pharma Bid
Tweet
Share
E-mailGet Alerts JNJ Hot Sheet
Join SI Premium – FREE
Johnson & Johnson (NYSE: JNJ) (J&J) has sold about 25.4 million Elan Corp (NYSE: ELN) shares nearly four years after its initial investment in the company.
Bloomberg notes that J&J purchased an 18 percent stake in Elan for $1 billion back in 2009, assuming development of Alzheimer's fighter bapineuzumab in the process.
During a Dutch auction in May, J&J sold 82 million shares back to Elan, which was the maximum allowed. Yesterday's sale grossed $332.5 million for J&J.
A spokesperson for J&J commented that the sale wasn't related to Royalty Pharma's recent bid to acquire Elan.
Shares of J&J are flat in early trading Friday.
Bloomberg notes that J&J purchased an 18 percent stake in Elan for $1 billion back in 2009, assuming development of Alzheimer's fighter bapineuzumab in the process.
During a Dutch auction in May, J&J sold 82 million shares back to Elan, which was the maximum allowed. Yesterday's sale grossed $332.5 million for J&J.
A spokesperson for J&J commented that the sale wasn't related to Royalty Pharma's recent bid to acquire Elan.
Shares of J&J are flat in early trading Friday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Piper Sandler: PFA survey is most positive for Medtronic, Inc. (MDT)
- Beeline CEO puts $500,000 into company via convertible note
- Bernstein on whether Hershey (HSY) could eventually step up to buy Mondelez (MDLZ)
Create E-mail Alert Related Categories
Insider Trades, Insiders' Blog, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
