Deal signed: Johnson & Johnson to acquire Actelion for $30bn

It was announced this morning that Johnson & Johnson has acquired the Swiss group Actelion for $30bn in cash. The deal was pre-announced several days ago. The agreement includes the creation of an independent spin-off, which will have the rich Actelion pipeline as its asset. JnJ has paid $280 per share, which represents a premium 20% over yesterday’s closing price.. When announcing the deal, J&J CEO Alex Gorsky has informed that it will be funded with cash generated and held outside the US for fiscal reasons.
As part of the agreement, Johnson & Johnson will acquire 16% of the new entity’s shares, with an option to increase its shareholding to 32%. The spin-off will have between 600 and 700 employees and will launch with cash of CHF 1bn. Paul Clozel, currently head of Actelion, will be head of research.
(Source JnJ, WSJ)