TechMARK movers: Elan up on Johnson & Johnson deal

2nd Jul 2009 14:17

Shares in Elan rallied on news that Johnson & Johnson will acquire substantially all of the assets and rights of the Irish drug firm related to its Alzheimer's Immunotherapy Program. Johnson & Johnson, through its affiliate, will invest $1bn in Elan in exchange for newly issued American Depositary Receipts (ADRs) of Elan which will represent 18.4% of its outstanding ordinary shares.Speciality pharmaceutical company ProStrakan has avoided a legal battle with Aventis Pharma by settling a tax issue out of court. The Scottish firm will pay Aventis €9.15m as settlement against a €13.4m tax liability, incurred by Aventis, arising from the sale of Proskelia sas by ProStrakan to Galapagos in December 2006. ProStrakan, which bought the Paris-based drug discovery unit from Aventis in 2004, said at the time it would not sell any shares in Proskelia to avoid triggering a possible tax liability for Aventis.FTSE TechMARK - RisersElan Corporation (ELA) € 5.97 +25.88%Xaar (XAR) 99.00p +4.76%Axis-Shield (ASD) 349.75p +4.40%ARC International (ARK) 12.25p +2.08%E2V Technologies (E2V) 67.00p +1.90%Intec Telecom (ITL) 74.75p +1.70%Psion (PON) 69.00p +1.47%Vernalis (VER) 78.00p +1.30%Alizyme (AZM) 2.86p +1.06%Kewill (KWL) 74.75p +0.67%FTSE TechMARK - FallersCML Microsystems (CML) 33.50p -6.94%Oxford Biomedica (OXB) 11.00p -6.38%Innovation Group (TIG) 9.30p -5.10%Trafficmaster (TFC) 29.00p -4.13%Imagination Technologies (IMG) 137.75p -3.67%Biocompatibles International (BII) 188.00p -3.59%Optos (OPTS) 70.50p -3.42%Ark Therapeutics (AKT) 44.00p -3.30%AEA Technology (AAT) 28.50p -2.56%Renovo Group (RNVO) 26.00p -1.89%