By Brian Blackstone
ZURICH-- Johnson & Johnson has agreed to acquire Actelion Pharmaceuticals Ltd., Europe's biggest biotech company, for $30 billion, the companies said Thursday.
The deal gives New Brunswick, N.J.-based J&J access to the Swiss company's portfolio of rare-disease treatments and ends weeks of seesaw negotiations. The U.S. pharmaceutical giant initially abandoned talks over price only to resume them about a week later after the two companies entered into exclusive negotiations.
J&J is paying $280 a share in cash for Actelion, retaining the Swiss company's commercially available treatments for rare diseases such as an artery disorder known as pulmonary arterial hypertension.
Actelion will spin off its drug-discovery operations into a separate company called R&D NewCo, and Johnson & Johnson will initially hold 16% of the shares of the new company, with an option to acquire another 16%.
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(END) Dow Jones Newswires
January 26, 2017 02:25 ET (07:25 GMT)
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