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Actelion shareholders approve spinoff of R&D unit

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Actelion shareholders approve spinoff of R&D unit

Actelion Ltd. shareholders approved the spinoff of its drug discovery and early clinical pipeline at its April 5 annual general meeting.

The spinoff is part of Johnson & Johnson's acquisition of Actelion, which is on track to close in the second quarter of 2017.

The spinoff company, Idorsia, will be led by Actelion founder Jean-Paul Clozel as CEO, and Actelion Chairman Jean-Pierre Garnier as chairman.

Johnson & Johnson recently completed the main tender offer for the Actelion acquisition.