US drug maker Johnson & Johnson has applied to US authorities for approval for a new treatment for schizophrenia.
The treatment, called paliperidone palmitate, uses technology developed by Irish pharmaceutical company Elan. The technology makes the drug easier to administer.
Johnson & Johnson's research and development arm has submitted the new drug application to the US Food & Drug Administration.
Elan will receive royalty payments based on sales of the treatment, if it is successfully brought to the market.
Shares in Elan closed up 19 cent at €16.25 in Dublin.
