J&J expect to close successful $30 billion Actelion tender offer in second quarter

J&J expect to close successful $30 billion Actelion tender offer in second quarter

March 31, 2017 Off By Dino Mustafić

Johnson & Johnson said its $30 billion tender offer for Swiss biotechnology company Actelion was successful, with the price of the offer being 280 per share for Actelion.

According to J&J the transaction should close in the second quarterof 2017.

J&J said it has Actelion shares, corresponding to 77.20% of the voting rights and the share capital of Actelion.

The additional acceptance period of ten trading days (at the SIX Swiss Exchange) for the subsequent acceptance of the tender offer will begin on April 6, 2017 and expire on April 21, 2017.

Johnson & Johnson also said that the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to Janssen’s proposed acquisition of Actelion have either expired or been terminated early. The Japan Fair Trade Commission and the Israeli Antitrust Authority have cleared the proposed acquisition of Actelion.

As J&J previously announced, Actelion will spin out its drug discovery operations and early-stage clinical development assets into a newly created Swiss biopharmaceutical company to be called 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 tender offer.

J&J will initially hold 16 percent of the shares of Idorsia Ltd and have rights to potentially increase to 32 percent through a convertible note, it said.