Johnson & Johnson to buy Crucell

J&J is in advanced plans to acquire the Dutch vaccine producer for $2.3 billion.

By TheStreet Staff Sep 17, 2010 9:53AM

By Joseph Woelfel, TheStreet

 

Johnson & Johnson (JNJ) is in advanced talks to buy Crucell (CRXL), the Dutch biotech company.

 

J&J, which already owns 17.9% of Crucell, would acquire the rest for 1.75 billion euros ($2.3 billion), or 24.75 euros a share, in cash.

 

Crucell closed Thursday at 15.70 euros, making the intended offer a 58% premium.

 

Crucell makes vaccines and sells a line of cells widely used as a platform for developing vaccines.

The boards of J&J and Crucell have authorized the companies to proceed with the talks for a potential transaction.

 

The companies expect that Crucell's strength in the manufacturing, discovery and commercialization of vaccines would create a strong platform for J&J in vaccines, the companies said in a statement Friday.

 

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