GLAXO DROPS EUROPEAN RIGHTS TO J&J HEART DRUG

Johnson & Johnson is buying back the European marketing rights to the heart-failure drug Natrecor from GlaxoSmithKline. Financial terms were not disclosed. The drug, which has been the subject of considerable controversy because of alleged safety issues, has never been approved for the European market. European regulators were requiring a large study of the drug, which has been on the U.S. market since August 2001. The deal was done between Cilag GmbH International, a unit of J&J, and Glaxo. In Europe the drug is known as Noratak. "It's really an opportunity for J&J to apply its global resources and capabilities to the product," said J&J spokesman Mark Wolfe. Forbes (http://www.forbes.com/markets/2005/07/20/johnson-johnson-glaxosmithkline-0720markets14.html?partner=yahootix)