Alantra acts as fairnesss Opinion provider to Actelion’s Board on Johnson & Johnson’s US$30bn public tender offer


ServiceStrategic Advisory

Feb 2017
Fairness opinion

On 26 January 2017 Actelion announced that Johnson & Johnson has offered to acquire 100% of the outstanding share capital of Actelion at a price of US$280 per ordinary share. The intended offer values Actelion’s total outstanding share capital at around US$30 billion.

As part of the transaction, immediately prior to the completion of the acquisition, Actelion will spin out its drug discovery operations and early-stage clinical development assets into a newly created Swiss biopharmaceutical company. The shares of the new company, which will be listed on the SIX Swiss Exchange, will be distributed to Actelion’s shareholders as a stock dividend upon closing of the tender. Johnson & Johnson will initially hold 16% of the shares and have rights to an additional 16% the new company’s equity through a convertible note. Alantra provided a fairnesss opinion to Actelion’s board of directors in order to assess the financial adequacy of the public tender offer of Johnson & Johnson.

***Actelion Ltd. is a leading biopharmaceutical company focused on the discovery, development and commercialization of innovative drugs for diseases with significant unmet medical need. To go to Actelion’s press release, please click here.***

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