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Elan slides 6% on Alzheimer's drug failure

8/7/12 11:54 AM ET (MarketWatch)

BOSTON (MarketWatch) -- Shares of Elan Corp. slid 6% in midday trading Tuesday, the day after partners Johnson & Johnson and Pfizer said they were discontinuing development of the compound bapineuzumab for the treatment of mild-to-moderate Alzheimer's disease due to disappointing clinical results. The compound was in Phase III testing. As a result, Elan will record an impairment charge of $117.3 million in the third quarter related to its joint venture with J&J for Alzheimer's drugs, Janssen AI. Elan said Monday that it plans to now focus on building sales for its multiple sclerosis therapy Tysabri, which is co-marketed with Biogen Idec.