Johnson & Johnson to bag Crucell for $2.4 billion
Leiden/New Brunswick – Johnson & Johnson will acquire all outstanding shares of Dutch Crucell N.V. for approximately EUR1.75 billion in a recommended cash tender offer, according to the companies. J&J said that it expects to maintain the existing facilities and jobs particularly those of the Crucell's senior management. J & J currently owns 17.9% of the antibody and vaccine developer’s outstanding shares. Under the terms of the agreement, Johnson & Johnson, through a wholly-owned subsidiary, will initiate a recommended public offer under Dutch law to purchase all outstanding ordinary shares of Crucell not already owned by Johnson & Johnson and its affiliates for euro 24.75 per share. The offer represents a premium of 58% over the closing price of euro 15.70 as of September 16, 2010 and a premium of 63% over the 30 day average of euro 15.20 as of September 16, 2010. In September 2009 J & J entered into an agreement with Crucell to develop a universal influenza monoclonal antibody and a universal flu vaccine for the treatment and prevention of influenza, as well as a long-term innovation collaboration for the development of monoclonal antibodies and/or vaccines directed against up to three other infectious and non-infectious disease targets.