European Corporate Deal of the Year
Niederer Kraft & Frey
Described by the judges as a “very innovative, high-profile deal with good outcomes,” the Corporate Deal of the Year award goes to Swiss firm Niederer Kraft & Frey for its work on the US$30bn acquistion of Actelion, the largest biotech company in Europe, by Johnson & Johnson, combined with the spin-off and listing of Actelion’s drug discovery business, Idorsia.
The spin-off and listing of Idorsia monetizes the value of the discovery and clinical development business and enables shareholders to participate in its upside. Without the spin-off, Actelion shareholders would not have benefited from the value of the development and early clinical stage pipeline; in addition, continued progress of the development pipeline for the benefit of patients is ensured.
Niederer Kraft & Frey took the lead in structuring and implementing the transaction. The new Actelion acquisition structure is the first of its kind in pharma M&A, and represents a quantum leap in pharma M&A deal structuring.
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