Johnson & Johnson announces expected settlement of Actelion tender offer on June 16, 2017.
Johnson & Johnson announced that, with Friday’s receipt of approval of the proposed acquisition of Actelion Ltd from the European Commission (EC), all regulatory approvals required to complete the transaction have been received.
Johnson & Johnson expects the settlement of the all-cash public tender offer by its Swiss subsidiary, Janssen Holding GmbH, to acquire all publicly held shares of Actelion Ltd for $280 per share, payable in U.S. dollars, on June 16, 2017.
As previously announced, as part of the transaction, Actelion will spin out its drug discovery operations and early-stage clinical development assets into a newly created Swiss biopharmaceutical company (Idorsia Ltd).
The shares of Idorsia Ltd are expected to be distributed to Actelion’s shareholders as a dividend in kind and listed on the SIX Swiss Exchange on the day of the settlement of the public tender offer.
A Johnson & Johnson subsidiary will initially hold 9.9 percent of the shares of Idorsia Ltd and has rights to potentially increase up to 32 percent through a convertible note.
(Source: PR Newswire)
Filed Under: Drug Discovery
