Johnson & Johnson (JNJ) said Thursday it will purchase Swiss biotech Actelion Pharmaceuticals (ALIOY) for $30 billion and plans to spin out the company's research and development unit into a separate business.
J&J will pay $280 per share for the Allschwil, Switzerland-based group, which is the Swiss franc equivalent of Sfr280.08 per share, the companies said in a statement. Once the R&D unit is spun out, Actelion shareholders will receive a one-for-one holding in the new company as a dividend. The deal was unanimously approved by both boards, the statement said.
"We believe this transaction offers compelling value to both Johnson & Johnson and Actelion shareholders," said Johnson & Johnson CEO Alex Gorsky. "Actelion has built an attractive, growing business with world-class commercial and clinical development capabilities."
"Adding Actelion's portfolio to our already strong Janssen Pharmaceuticals business is a unique opportunity for us to expand our portfolio with leading, differentiated in-market medicines and promising late-stage products," Gorsky said. "We expect to leverage our established global presence and commercial strength to accelerate growth and patient access to these important therapies. Further, we believe R&D NewCo will be strongly positioned to continue Actelion's legacy of innovation and look forward to collaborating on the development of cutting-edge new therapies."
Actelion shares closed at Sfr227.40 each in Zurich Wednesday, up 1.97% on the session and pegging the company's market value at Sfr24.5 billion ($24.5 billion). The shares have rise 12.57% since it confirmed exclusive talks with J&J on Dec. 21 but are more than 50% higher since takeover speculation first surfaced in late November.
