Elan Hid Problem With $1B J&J Deal, Investors Say

Law360, New York (February 25, 2011, 3:11 PM EST) -- Elan Corp. PLC shareholders filed a class action against the company Thursday in New York, alleging it failed to disclose that a proposed $1 billion deal with Johnson & Johnson violated an agreement with Biogen Idec Inc.

The shareholders filed suit in the U.S. District Court for the Southern District of New York, claiming that J&J wanted to buy an equity stake in Elan, but when the issue with Biogen — which jointly sold multiple sclerosis drug Tysabri with Elan — came to light, J&J ended...
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