Sanofi Said to Hold Talks With Actelion After J&J Walks Away

French pharmaceutical giant Sanofi is in discussions to buy Actelion Ltd., people familiar with the matter said, after Johnson & Johnson abandoned talks for the Swiss drugmaker because the two sides couldn’t agree on terms.

J&J pulled out after failing to reach an agreement that would create “adequate value” for its shareholders, the New Brunswick, New Jersey-based company said in a statement late Tuesday. The discussions broke down over price as well as deal structure after the U.S. drugmaker made an offer valued at about $260 per share, or more than $28 billion, according to people who asked not to be identified because deliberations were private. Actelion has indicated it’s seeking as much as $285, one of them said.