JP Morgan is to be the only investment bank to benefit from the purchase of Scios by Johnson & Johnson, as the US healthcare giant snubbed Wall Street advice.

JP Morgan is sole adviser to Scios, the US biotechnology group, on the $2.4bn (€2.2bn) sale. The bank has twice previously managed equity financings for Scios, the most recent being a $150m convertible bond offering in August 2002.