Days before entering into exclusive takeover negotiations with Johnson & Johnson (NYSE:JNJ), Actelion (VTX:ATLN) was reportedly fielding an offer from Sanofi (NYSE:SNY). But the Swiss biotech eventually agreed to go with J&J’s $30 billion bid in an all-cash deal at the end of January.
Actelion accepted the U.S. healthcare giant’s offer because it provided more certainty, Reuters reported today.
The prospectus for J&J’s offer revealed that the rival bidder, previously identified as Sanofi, made a proposal that outbid J&J’s offer. But Sanofi later refused to proceed with takeover talks unless Actelion considered a lower price, the news outlet reported.
“Company A indicated that it would only be willing to proceed with a transaction on the basis of a price lower than its previously communicated offer price and on different terms,” the prospectus said.
Get the full story at our sister site, Drug Delivery Business News.
The post How Sanofi blew its chance with Actelion appeared first on MassDevice.
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