Bid for Actelion excites hedge funds
The fiercely independent Swiss biotech firm’s silence in the face of an offer from Johnson & Johnson signals it may be too good for shareholders to refuse
Zurich — Actelion’s silence speaks volumes to the dozens of event-driven hedge funds piling into the Swiss biotech firm, betting that the approach by Johnson & Johnson (J&J) will result in an outright takeover and handsome returns. A source familiar with the matter has said the two companies were discussing a bid of close to $27bn, or Sf250 ($247) per share, which is 25% above Actelion’s current share price. Both companies have confirmed that US diversified healthcare group J&J — maker of Pizbuin sunscreen, surgical tools and arthritis drug Remicade — has approached Actelion about a potential takeover, but kept mum on details. Co-founder and CEO Jean-Paul Clozel and fellow shareholder Rudolf Maag have in the past been outspoken defenders of an independent Actelion, which has built a $2bn business by focusing on a debilitating lung disease. But they have made no public comment since the companies confirmed the talks a week ago, and fund managers with a more conventional investment ap...
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