Actelion says R&D company will launch with 1 billion Swiss francs cash

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Actelion said the new research and development company to be created following the $30 billion takeover by Johnson & Johnson will be launched with 1 billion Swiss francs ($1.00 billion)in cash.

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The unit will be spun out into a standalone company based and listed in Switzerland and will be led by Actelion Chief Executive and founder Jean-Paul Clozel, with Johnson & Johnson taking a 16 percent stake with rights to another 16 percent via a convertible note.

(Reporting by John Revill)