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BRUSSELS (Reuters) - EU antitrust regulators approved on Friday
Johnson & Johnson's <JNJ.N> planned purchase of Actelion
Pharmaceutical <ATLN.S> subject to conditions intended to ensure
clinical development of insomnia drugs were unaffected.
The European Commission, which rules on issues of competition
for the 28-member bloc, said that both companies were developing
treatment for insomnia based on a novel mechanism and there
would be insufficient competition in this area if one of the two
research programs were discontinued.
Actelion's insomnia program was to be transferred to a newly
created company called Idorsia, in which Johnson & Johnson would
hold a 32 percent stake. The Commission said this holding would
allow it to exercise influence on decisions.
The Commission said Johnson & Johnson would have to limit its
shareholding in Idorsia to below 10 percent - or up to 16
percent provided J&J was not the largest shareholder - and
commit not to nominate a board member.
It would also have to grant Minerva Neurosciences, a partner for
its own insomnia research program, new rights over global
development and waive its royalty rights on Minerva's sales in
Europe.
"In view of the specific features of this case, these
commitments addressed the Commission's competitive concerns
concerning treatments in development for insomnia," the
Commission said.
(Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)
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