LONDON, Dec 22 (APM) - Swiss biotech Actelion has turned back to prospective bidder Johnson & Johnson for exclusive talks about a "strategic transaction", in an about-turn that appears to sideline rival suitor Sanofi.
"Actelion has entered into exclusive negotiations with Johnson & Johnson regarding a possible strategic transaction," it said in a very brief late Wednesday statement.
It added there could be "no assurance any transaction will result from these discussions", declining to comment further.
J&J confirmed the talks in a separate statement.
The announcement could dash the hopes of Sanofi, which sources have said has been circling Actelion after J&J a little over a week ago said it had ended discussions with Actelion. Sanofi has been trying to broaden its drug line-up as its key diabetes business comes under pressure.
The French company has signalled it remained keen to make a takeover deal after being trumped in August by Pfizer's $14 billion bid for U.S. cancer specialist Medivation. Sanofi declined to comment on Wednesday.
Actelion had a market value of 23.2 billion Swiss francs ($22.6 billion) at Wednesday's closing price of 215 Swiss francs in Switzerland.
Actelion had told J&J before initial talks collapsed last week that it was confident it could attract an offer significantly higher than the approximately 250 Swiss francs per share the U.S. company had offered, one person familiar with the matter said.
There were also disagreements about the proposed deal's structure, the person added at the time.
Actelion co-founder and chief executive Jean-Paul Clozel has fended off previous takeover attempts, including a reported approach by Shire last year and an activist campaign in 2011 by U.S. hedge fund Elliott Advisors.
Acquiring Actelion would boost J&J's drugs pipeline and diversify its prospects. J&J's biggest product, arthritis drug Remicade (infliximab), faces cheaper competition from Pfizer.
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