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J&J’s $30bn For Actelion Buys Immediate And Longer-Term Value

 
• By Joseph Haas

In this tale of two companies, it's the best of times and the best of times. J&J gets immediate value by acquiring Actelion's blockbuster PAH franchise and its late-stage pipeline, while its stake in an Actelion spinout offers longer-term potential.

Some analysts are quibbling with the price tag, but no one doubts that Johnson & Johnson will get immediate return from its $30bn bid for Actelion Pharmaceuticals Ltd., a deal transferring a blockbuster respiratory franchise and a pair of promising Phase III assets. Perhaps just as importantly, the Jan. 26 deal includes a spinout of Actelion's R&D engine into a new company, with J&J holding a 16% share and an option to double that stake.

The transaction is an all-cash tender for all outstanding shares in Actelion at $280 per share, contingent upon at least 67% of Actelion's shares being tendered

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