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24 November, 2009
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US healthcare group buys stake in Irish drug company
Updated at 10:42am on 3 July 2009
Johnson & Johnson is buying a stake in an Irish company developing drugs to treat Alzheimer's disease.
The healthcare group is to pay $US1 billion for 18.4% of Elan Corp plc. It will buy rights to most of the company's portfolio of experimental drugs.
Shares in Elan rose 8.6% on Thursday to close at $US7.60 on the New York Stock Exchange. J&J's share price fell 1.9% to $US55.98.
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