J&J-Actelion Talks Resume: What’s Next for Sanofi?

The transcript discusses the rare resumption of negotiations between Johnson & Johnson and Actelion after previously breaking off talks. It explores why Actelion favors Johnson & Johnson over Sanofi, highlighting issues like contingent value rights and cash offers. The potential deal structures are considered, including the possibility of a transactional relationship rather than a full takeover. Actelion's CEO's past reluctance to sell the company is noted, along with the impact on Sanofi, which has missed out on previous deals. The growing pharmaceutical side of Johnson & Johnson is also mentioned as a key factor in the negotiations.

How common is it for companies to resume negotiations after publicly stepping away?

• Rare

• Very common

• Never happens

• Somewhat common

What was a major issue that caused Sanofi to be left out of the talks with Actelion?

• Regulatory issues

• Insufficient cash offer

• Contingent value rights

• Lack of interest

Why might Johnson & Johnson's offer be more attractive to Actelion?

• Higher stock value

• Faster negotiation process

• Substantial cash offer

• Better brand reputation

What is a possible outcome of the renewed talks between Johnson & Johnson and Actelion?

• No deal at all

• Partial acquisition or transactional relationship

• Merger with Sanofi

• Complete acquisition

How has Sanofi's failure to secure deals like Medivation and Actelion affected its shareholders?

• Shareholders are relieved

• It is considered a blow

• Shareholders are indifferent

• It has increased shareholder confidence