Pharma BD Deal Intelligence
A $30B all-cash tender offer that gave J&J the world's leading pulmonary arterial hypertension franchise—Opsumit, Uptravi, and Tracleer—while spinning off Actelion's early R&D into Idorsia. The clean-carve structure let both sides win: J&J got cash-flow-ready assets, Idorsia got CHF 1 billion to build its own pipeline.
Ranks computed across 828 graded deals (Critic + Outcome Score both present).
The price is quite high at around 30 times estimated 2018 earnings and J&J is paying a lot while R&D is not even included, just a substantial minority stake in…
J&J CEO Alex Gorsky stated adding Actelion portfolio to the Janssen business is a unique opportunity to expand with leading differentiated medicines in PAH
J&J outmaneuvered Sanofi in the $30 billion battle for Actelion, securing a leading franchise in pulmonary arterial hypertension medicines that diversifies its…
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Johnson & Johnson acquired Actelion for approximately $30 billion ($280 per share in cash) in an all-cash tender offer, gaining the world's leading pulmonary arterial hypertension franchise including Opsumit, Uptravi, and Tracleer. Actelion's drug discovery and early-stage R&D were spun out into a new Swiss company (Idorsia) with CHF 1 billion in capital.
1M US cases/yr · $25.0B Global MS Market (2017)
Ponesimod was Actelion's Phase 3 S1P1 modulator for relapsing MS, approved as Ponvory (2021).
Ponvory faces intense competition from Gilenya, Zeposia, Ocrevus, Kesimpta. Modest uptake.
50K US cases/yr · $6.0B Global PAH Market (2017)
J&J acquired Actelion for $30B in 2017. World's leading PAH franchise. Pioneered endothelin receptor antagonist therapy. R&D spun out as Idorsia.
Competes with United Therapeutics (Tyvaso), Merck (Adempas). Sotatercept emerging as new PAH class.
J&J announces agreement to acquire Actelion for $30B at $280/share. Actelion's drug discovery operations to be spun off as Idorsia Ltd, with shares distributed to Actelion shareholders.
Actelion shareholders elect new board members at Annual General Meeting, signaling approval of the J&J transaction. Idorsia spin-off structure confirmed.
European Commission grants final regulatory approval for the acquisition, subject to conditions ensuring continued clinical development of innovative insomnia drugs. All global clearances obtained.
Johnson & Johnson completes $30B all-cash acquisition of Actelion ($280/share), gaining the world's leading pulmonary arterial hypertension franchise including Opsumit, Uptravi, and Tracleer.
Actelion's drug discovery and early-stage clinical development assets separated into Idorsia Ltd (Swiss biopharma), with shares distributed to Actelion shareholders as dividend in kind.
J&J's pulmonary hypertension segment reaches $2.6B in 2019 sales. Opsumit at $1.3B and Uptravi at $819M, both showing strong growth from the Actelion portfolio.
Actelion gave J&J a dominant position in PAH with a durable franchise. Opsumit and Uptravi reached $2.6B+ combined by 2019. Idorsia spin-off reduced effective purchase price. Clean execution.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Johnson & Johnson / Actelion Ltd (this deal) | 2017 | $30.0B | 90 |
| Johnson & Johnson / Legend Biotech Corporation | 2017 | $9.0B | 96 |
| Johnson & Johnson / Centocor Inc. | 1999 | $4.9B | 92 |
| Johnson & Johnson / Cougar Biotechnology, Inc. | 2009 | $970M | 91 |
| Johnson & Johnson / Aragon Pharmaceuticals Inc. | 2013 | $1.0B | 89 |
| Johnson & Johnson / Legend Biotech Corporation | 2017 | $350M | 83 |
| Johnson & Johnson / Genmab A/S | 2012 | $3.0B | 77 |
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More: 2017 deals · Johnson & Johnson deals · Cardiovascular deals