If this is true or not I don't know, but I worked on a project with an HP employee and we were talking about the Itanium. At some point the HP guy goes "You know we more or less designed that thing, right?"
I would tend to believe that the Itanium is an HP product, given that they've always seems more invested in the platform than Intel.
Yes, it was originally designed as a successor to HP PA-RISC and then brought to Intel. I don't know how much it changed from the original design during development at Intel.