Johnson & Johnson to buy remaining Crucell shares
Transaction will strengthen vaccines business of healthcare products manufacturer
US healthcare products manufacturer Johnson & Johnson is in advanced talks to buy Crucell, the Leiden-based biotech company, to strengthen its vaccines business.
Johnson & Johnson, which already owns a 17.9% stake in the Dutch company, said it would acquire all outstanding shares in Crucell for approximately €1.75bn in cash, which represents a purchase price of €24.75 per share.
Johnson & Johnson said it intends to maintain Crucell’s existing facilities and to retain the firm’s senior management and current staffing levels.
Crucell will become the centre for vaccines within the Johnson & Johnson pharmaceutical group, and Crucell's headquarters in Leiden will be retained.
Crucell is focused on research, development, production and marketing of vaccines, proteins and antibodies that prevent and treat infectious diseases.
Johnson & Johnson said it would continue to invest in the development of Crucell's products and pipeline.
Although its due diligence is substantially complete, Johnson & Johnson said the transaction remains subject to the negotiation of a definitive agreement and customary pre-offer conditions, including consultation with Crucell’s works council and trade unions.
The companies expect that Crucell's strength in the manufacture, discovery and commercialisation of vaccines will create a strong platform for Johnson & Johnson in the vaccine market.
Johnson & Johnson bought its stake in Crucell in 2009 as part of a flu vaccine development deal.
