As Johnson & Johnson Closes $30 Billion Deal, Actelion Spinoff Is Valued at $1.54 Billion In IPO Debut
Shares in Idorsia, the drug pipeline firm spun off from biotech group Actelion after Johnson & Johnson's $30 billion takeover, rose nearly 30 percent after making their market debut at 10 Swiss francs each on Friday.
They advanced to nearly 13 francs in early afternoon business in Zurich, valuing the company at above 1.5 billion Swiss francs ($1.54 billion).
One trader said Idorsia's stock had been trading over the counter this week at around 8 francs, the theoretical price given the difference between Actelion's share price in Swiss francs and the $280 cash per share price J&J is paying for Actelion.
They advanced to nearly 13 francs in early afternoon business in Zurich, valuing the company at above 1.5 billion Swiss francs ($1.54 billion).
One trader said Idorsia's stock had been trading over the counter this week at around 8 francs, the theoretical price given the difference between Actelion's share price in Swiss francs and the $280 cash per share price J&J is paying for Actelion.