(Reuters) – Actelion has received no takeover bids from interested parties, the company’s chief executive said on Tuesday.
Analysts have in the past touted Actelion as a potential takeover target, since its healthy pipeline drugs to treat pulmonary arterial hypertension could draw U.S. bidders seeking to lower their tax bill by moving their tax base to Switzerland, a tactic known as inversion.
But last month’s rule changes by the U.S. Treasury Department aimed at curtailing such deals has prompted several pharmaceutical companies, including AbbVie, to ditch original M&A plans.
Asked by Reuters whether Actelion has been approached by any interested parties, the company’s Chief Executive Jean-Paul Clozel said, “No.”
Speaking after Actelion published third-quarter results that beat expectations, Clozel said the biotech firm wanted to increase shareholder returns and grow ahead of the market at the same time.
(Reporting by Caroline Copley)