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European Commission approves Johnson & Johnson's acquisition of Actelion

The European Commission approved Johnson & Johnson's acquisition of Actelion Ltd., marking the completion of all necessary approvals for the completion of the merger.

The transaction, which values each Actelion share at $280 apiece, is expected to be settled June 16.

As part of the transaction, Actelion will spin out its drug discovery operations and early stage clinical development assets into Idorsia Ltd. — a newly created Swiss biopharmaceutical company that will be listed on the SIX Swiss Exchange.

A Johnson & Johnson subsidiary will initially hold 9.9% of Idorsia, which can potentially increase up to 32% through a convertible note.