J&J bids for Dutch Crucell
Leiden/News Brunswick - Johnson & Johnson is set to bag all outstanding shares of Dutch protein and vaccine developer Crucell N.V. Currently Johnson & Johnson, through an affiliate, holds approx. 17.9% of the shares of Crucell and has submitted a statement on Schedule 13D to the U.S. Securities and Exchange Commission in connection with its change in investment intent with respect to Crucell. Under the terms of negotiations that are in advanced stage, Johnson & Johnson would acquire all outstanding equity of Crucell that it does not already own for approximately EUR1.75 billion, which represents a purchase price of EUR24.75 per share. The public offer would be an all cash transaction. The companies expect that Crucell's strength in the manufacture, discovery and commercialisation of vaccines would create a strong platform for Johnson & Johnson in the vaccine market. After closing of the potential transaction, Johnson & Johnson expects to maintain Crucell's existing facilities, to retain Crucell's senior management and to maintain current employment levels. Johnson & Johnson also intends to keep Crucell as the center for vaccines within the Johnson & Johnson pharmaceutical group, and to maintain Crucell's headquarters in Leiden.