J&J, Actelion deal

Johnson & Johnson will acquire Actelion for $280 per share in cash, or about $30 billion. Based on current exchange rates, the price is a 23% premium to Actelion's closing price of CHF227.40 on Jan. 25.

The partners said Actelion's drug discovery operations and early stage assets will be spun into a new company listed in Switzerland and led by Actelion CEO Jean-Paul Clozel. Actelion shareholders will receive one share of the newco's stock for each share they own. J&J will hold 16% of the newco's shares and will hold a convertible note for an additional 16%. According to Actelion's 2015 full-year report, Clozel held 5.4 million shares at year end 2015, when the company had about 105 million shares outstanding...