LONDON (ShareCast) - Shares in Elan (Dublin: DRX.IR - news) rallied on news that Johnson & Johnson will acquire substantially all
of the assets and rights of the Irish drug firm related to its Alzheimer's Immunotherapy Program.
Johnson & Johnson, through its affiliate, will invest $1bn in Elan in exchange for newly issued American Depositary Receipts (ADRs) of Elan which will represent 18.4% of its outstanding ordinary shares.
Speciality pharmaceutical company ProStrakan has avoided a legal battle with Aventis Pharma by settling a tax issue out of court.
The Scottish firm will pay Aventis (Paris: FR0000120578 - news) €9.15m as settlement against a €13.4m tax liability, incurred by Aventis, arising from the sale of Proskelia sas by ProStrakan to Galapagos in December 2006.
ProStrakan, which bought the Paris-based drug discovery unit from Aventis in 2004, said at the time it would not sell any shares in Proskelia to avoid triggering a possible tax liability for Aventis.
FTSE TechMARK - Risers
Elan Corporation (ELA) € 5.97 +25.88%
Xaar (LSE: XAR.L - news) (XAR) 99.00p +4.76%
Axis (Stockholm: AXIS.ST - news) -Shield (ASD) 349.75p +4.40%
ARC International (LSE: ARK.L - news) (ARK) 12.25p +2.08%
E2V Technologies (LSE: E2V.L - news) (E2V) 67.00p +1.90%
Intec Telecom (LSE: ITL.L - news) (ITL) 74.75p +1.70%
Psion (LSE: PON.L - news) (PON) 69.00p +1.47%
Vernalis (LSE: VER.L - news) (VER) 78.00p +1.30%
Alizyme (LSE: AZM.L - news) (AZM) 2.86p +1.06%
Kewill (KWL) 74.75p +0.67%
FTSE TechMARK - Fallers
CML Microsystems (LSE: CML.L - news) (CML) 33.50p -6.94%
Oxford Biomedica (LSE: OXB.L - news) (OXB) 11.00p -6.38%
Innovation Group (LSE: TIG.L - news) (TIG) 9.30p -5.10%
Trafficmaster (TFC) 29.00p -4.13%
Imagination Technologies (LSE: IMG.L - news) (IMG) 137.75p -3.67%
Biocompatibles International (BII) 188.00p -3.59%
Optos (OPTS) 70.50p -3.42%
Ark Therapeutics (LSE: AKT.L - news) (AKT) 44.00p -3.30%
AEA Technology (LSE: AAT.L - news) (AAT) 28.50p -2.56%
Renovo Group (LSE: RNVO.L - news) (RNVO) 26.00p -1.89%
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