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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.