Elan Corporation PLC (ELN)'s Future Shaky as Alzheimer's Program Crashes
8/8/2012 7:36:43 AM
Elan Corp. fell to the lowest price since December in Dublin trading after the company's partners ended most plans to develop an Alzheimer's drug following a second failure in a clinical trial. Elan will take a charge of $117.3 million this quarter, writing down to zero the value of its venture with Johnson & Johnson to develop the drug, bapineuzumab, the Irish company said Monday. Now that J&J and Pfizer Inc. are ending most work on the treatment, Elan will have "a significant reduction in spending" through the end of 2013, the company said.
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