The deal was unanimously approved by both companies' boards of directors. Actelion will make a cash tender offer of $13.50 for each CoTherix share, representing a 21% premium to the stock's closing price Friday.
Subject to regulatory clearance and other customary conditions, the deal is expected to close early in the first quarter. Holders of about 32% of CoTherix's stock have agreed with Actelion to tender their shares.
In 2007, Actelion expects sales of the inhaled PAH drug Ventavis to contribute more than $100 million to its product revenue. PAH is a chronic, life-threatening disease characterized by high blood pressure in the arteries between the heart and lungs, causing limited exercise capacity and a reduced life expectancy.CoTherix shares were up 19.3% to $13.36 Monday.