Elan, the Irish domiciled biotech company, will receive $115m less than previously agreed from Johnson & Johnson as part of a revised investment deal designed to salvage a pivotal partnership with Biogen Idec.

The company claimed it had “cured” an “unintended” breach of its long-standing collaboration agreement with Biogen Idec, based in Boston in the US, over Tysabri, their jointly developed multiple sclerosis treatment, by changing aspects of J&J’s $1.5bn recapitalisation deal with Elan announced in July.