Janssen Holding Acquires 92.51% Of Actelion

(RTTNews) - Actelion Ltd (ALIOF.PK) Monday announced that Janssen Holding GmbH, a Swiss subsidiary of Johnson & Johnson, has acquired 92.51 percent of its shares for $280 per share in cash in a public tender offer. The offer for 99,303,760 Actelion shares expired on April 21. The settlement of the offer will be in the second quarter.

As revealed earlier, 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 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. Subsequently Actelion might be excluded from the SMI blue-chip index by SIX Swiss Exchange.

An affiliate of Janssen Holding GmbH will initially hold 16 percent of the shares of Idorsia Ltd and have rights to potentially increase to 32 percent through a convertible note.