Irish biotech group Elan yesterday announced that it had completed its almost $1.4 billion deal with Johnson Johnson.

Janssen Alzheimer Immunotherapy, a newly formed subsidiary of Johnson Johnson, has completed the acquisition of substantially all of the assets and rights of Elan related to its Alzheimer’s Immunotherapy Programme into which the US healthcare group has agreed to invest a further $500 million in research spending.

In addition, Johnson Johnson, through its affiliate, Janssen Pharmaceutical, has invested $885 million in exchange for an 18.4 per cent stake in the Irish group.