J&J to buy Actelion as it seeks to become leader in treating a rare hypertension
Johnson & Johnson (J&J) agreed to buy Actelion for $30bn and spin off the Swiss drugmaker’s research and development operations, clinching its largest deal to date to become a leader in medicines treating a rare type of high blood pressure. With the purchase, J&J, already the world’s biggest maker of healthcare products, is fulfilling its goal of adding a new drug category and dealing a blow to France’s Sanofi, which had also sought to acquire Actelion. J&J will begin a tender offer to buy shares of Switzerland-based Actelion for $280 each in cash, the companies said in a statement. The price, which equals Sf280.08, is 23% above Wednesday’s closing level. The research and development operations will be spun off to Actelion shareholders as a new publicly traded company, with J&J keeping a 16% stake. The deal caps weeks of discussions interrupted for several days after US-based J&J walked away on December 13, only to return to the negotiating table about a week later. Access to Acteli...
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