Johnson & Johnson has completed its $30 billion acquisition of Swiss biotech company Actelion, after its intentions were made clear in January.
Actelion will now become part of the Janssen Pharmaceutical Companies of Johnson & Johnson.
Actelion has spun off its drug discovery operations and early-stage clinical development assets into a newly created Swiss biopharmaceutical company, Idorsia.
Shares of Idorsia were distributed to Actelion’s shareholders as a stock dividend and have begun trading on the SIX Swiss Exchange.
A subsidiary of Johnson & Johnson will initially hold 9.9% of the shares of Idorsia and, subject to certain limitations, will have the right to an additional 22.1% of Idorsia’s outstanding equity through a convertible note.
A subsidiary of Johnson & Johnson also has an option on ACT-132577 – a compound in development for resistant hypertension for which the phase 2 clinical results were recently announced.
Together, these agreements with Idorsia provide Johnson & Johnson with additional sources of innovation and value.