Pharmaceutical Executive-09-17-2009

Elan was forced to trim $100 million off its billion-dollar deal with J&J due to a 50/50 agreement with Biogen Idec involving co-ownership of MS drug Tysabri. Now J&J is out a major drug, Elan is out a good chunk of cash, and Biogen Idec is pondering its next move.

Eli Lilly announced this morning that it would eliminate approximately 5,500 positions as part of a massive reorganization strategy that's expected to net the firm reduce $1 billion in costs by 2011.