(MENAFN) Johnson & Johnson (JNJ) spokesman, Ernie Knewitz, stated that the company sold 25.4 million shares of Elan Corp. (ELN) for USD332 million, reported Bloomberg.
Knewitz also said that the sale of shares, which were all JNJ had left in ELN, came after the the Alzheimer�s disease drug, bapineuzumab, failed in 2012 in its final testing stage.
The spokesman added that JNJ started working with ELN in 2009 when it bought 18 percent in the Irish firm for USD1 billion.
It is worth noting that the medicine bapineuzumab was designed with the aim of slowing Alzheimer's by reducing amyloid plaque buildup.
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