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Actelion shareholders back R&D spinoff, keep J&J deal on track
April 5, 2017 / 11:04 AM / 8 months ago

Actelion shareholders back R&D spinoff, keep J&J deal on track

ZURICH (Reuters) - Shareholders in Swiss biotech group Actelion ATLN.S approved on Wednesday spinning off its drug discovery and early clinical pipeline into a new company, keeping Johnson & Johnson’s (JNJ.N) $30 billion (24.03 billion pounds) takeover on track to close in the second quarter.

The company's logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann

“After a very successful two decades, resulting in an unprecedented share price increase of more than 2,000 percent since our IPO, the next chapter for Actelion awaits,” Chairman Jean-Pierre Garnier said after the annual meeting.

    “With the successful tender offer by Johnson & Johnson, regulatory approvals on track, and today’s approval by the shareholders to spin out Idorsia, the transaction is moving ahead at full steam.”

    Johnson & Johnson last month declared its tender offer a success and reported it controlled 77.2 percent of Actelion’s voting rights after the main offer period.

    J&J intends to delist Actelion, while the new research and development company led by Actelion founder Jean-Paul Clozel will have a separate Swiss listing.

    Reporting by Michael Shields; Editing by Brenn Hughes Neghaiwi

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