Actelion's CEO Said to Reject Full Takeover by Johnson & Johnson (JNJ), May Sell Unit - Source
- Dollar lower, stocks flat as caution creeps in ahead of Trump inauguration
- General Electric (GE) Reports In-Line Q4 EPS
- Procter & Gamble (PG) Tops Q2 EPS by 2c
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Despite an offer from Johnson & Johnson (NYSE: JNJ), Actelion's (OTC: ALIOY) CEO Jean-Paul Clozel has decided that the company will remain independent, according to a person claiming to have knowledge of the matter. As an alternative to being acquired, Actelion has agreed to sell a unit that includes PAH drug Opsumit, a growth asset that would likely be very attractive to Johnson & Johnson.
Last week Actelion confirmed initial reports from StreetInsider and Bloomberg that it was approached regarding a possible transaction, but details weren't provided, and doubts about a full takeover by the U.S. drug giant were apparent from the start given prior comments from Clozel. Days later a Financial Times article suggested that Actelion was considering a "complicated deal" to combine with part of Johnson & Johnson.
Separate reports from Bloomberg yesterday said Johnson & Johnson increased its offer for Actelion from $26 billion and was provided access to some financial information. The report also suggested Clozel may now be more open to entertaining a sale at a sufficient premium. To the extent that a sale would include full control of Actelion -- reportedly one of Johnson & Johnson’s ultimate goals -- a deal appears unlikely.
Representatives for Actelion didn't respond to a request to comment.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Federal Judge to Block Anthem (ANTM), Cigna Corp. (CI) Merger - NYP
- Takeda Commences Cash Tender Offer for Shares of ARIAD (ARIA)
- OneBeacon Insurance Group (OB) to Explore a Sale - Bloomberg
Create E-mail Alert Related CategoriesHot M&A, Mergers and Acquisitions, Rumors
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!