Johnson & Johnson has said it will buy an 18.4 percent stake in Irish biotech company, Elan Corp. Under the deal J&J will access bapineuzumab, an Alzheimer treatment that has had mixed results in earlier trials. The deal represents Elans"s share of a project with Wyeth. J&J will commit up to $500 million to develop promising Alzheimer"s treatments in a huge market and where there are currently no treatments to stop or reverse brain damage caused by the disease. The arrangement allows Elan to almost repay a $1.1 billion debt due in November 2011 and will allow it to continue other early stage Alzheimer drug research. J&J has only one marketed drug, Razadyne [galantamine]in its Alzheimer portfolio and none for development.
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