US healthcare company Johnson & Johnson (J&J) is negotiating a deal to acquire Actelion that would see its commercial portfolio separated from its R&D assets, according to news agency Reuters, citing people familiar with the matter.

The structure of the agreement would allow J&J to buy Actelion with a cash offer of around $260 per share, slightly more than the US major had offered when it withdrew from negotiations earlier this month, while allowing Actelion’s shareholders to gain further financial benefit from the Swiss firm’s R&D pipeline, the sources said.

Actelion’s R&D pipeline would be placed in a new publicly traded company. Details relating to ownership and whether Jean-Paul Clozel, Actelion’s CEO, would head the new company are among items still being discussed.

A deal could be finalized by January, although the people cited by Reuters cautioned that negotiations may still end without any agreement being reached.

J&J and Actelion have not commented. After backing away from its initial takeover plans, J&J returned to the table after French rival Sanofi reportedly launched its own bid for Actelion.