Jean-Pierre Garnier is facing his biggest corporate challenge since stepping down as CEO of GlaxoSmithKline Plc in 2008. As chairman of Actelion Ltd., it’s up to him to ensure the biotech’s shareholders aren’t left shortchanged after a takeover approach by Johnson & Johnson.
Shortchanged in this case is unlikely to mean Actelion being sold on the cheap. J&J has suggested it could pay more than 250 Swiss francs per share for the pulmonary hypertension specialist, according to Bloomberg News. That proposal, valuing it at some 26.6 billion Swiss francs ($26.3 billion) including net cash, came after an initial 246 Swiss franc offer was rebuffed.
