July 8, 2020 / 4:10 PM / a month ago

Johnson & Johnson's Cilag to sell up to 11.8 million Idorsia shares

FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo

ZURICH (Reuters) - Johnson & Johnson’s (JNJ.N) Cilag Holding will offer up to approximately 11.8 million existing ordinary shares in Idorsia Ltd (IDIA.S) in an accelerated bookbuilding to commence on Wednesday, the transaction’s bookrunner said.

The sale corresponds to approximately 8.3% of Swiss drugmaker Idorsia’s outstanding ordinary share capital. Goldman Sachs (GS.N) will act as sole bookruner on the sale.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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