After weeks of rumors, the news was finally announced this morning. J&J is to buy Europes largest biotech company for a whopping $30 billion. The R&D division of the Swiss company will be spun out as a new company listed on the Swiss stock market.

Actelion was founded 20 years ago by ex-Roche employees and focused on rare diseases. The company currently has 4 products on the market, including blockbuster Tracleer. Tracleer is used to treat pulmonary arterial hypertension and made a turnover of 1.6 billion in the first 9 months of 2016.

Read the full press release here.