New Brunswick, N.J.-based Johnson & Johnson will acquire Swiss biotechnology company Actelion for $30 billion, reports The New York Times.
Here are four things to know.
1. Through the deal, Actelion will transform its research and development operations and early-stage clinical development assets into a new biotech company listed in Switzerland, according to the report.
2. J&J will own 16 percent of the new biotech, with the right to acquire an additional 16 percent. Actelion shareholders will also receive shares of the new company.
3. Actelion CEO Jean-Paul Clozel and Actelion chairman Jean-Pierre Garnier will take over their respective roles at the new company.
4. The deal, unanimously approved by both companies' boards, is expected to close by the end of the second quarter of 2017, pending shareholder and regulatory approval.
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