J&J to complete Actelion purchase

NEW YORK: Johnson & Johnson said the approval of its proposed acquisition of Swiss biotech firm Actelion by the European Commission on Friday meant all regulatory approvals required to complete the $30 billion deal had now been received.

The U.S. company said it expected settlement of the all-cash public tender offer by its Swiss subsidiary, Janssen Holding, on June 16.

EU antitrust regulators on Friday approved Johnson & Johnson's planned purchase of Actelion subject to conditions intended to ensure clinical development of insomnia drugs were unaffected.

Separately, Actelion said on Friday it had published the prospectus relating to the listing of shares in Idorsia, the spin-off company which will be led by current Actelion Chief Executive Jean-Paul Clozel.

Under the agreement all Actelion shareholders will receive one Idorsia share for each Actelion share held on June 13, 2017 with the new company expected to start trading on the Swiss exchange on June 16.

Idorsia will specialize in the discovery and development of small molecules in multiple therapeutic areas including central nervous system disorders, cardiovascular disorders, immunological disorders and orphan diseases, the company said.