J&J to acquire Crucell for $2.3 billion
pharmafile | September 17, 2010 | News story | Sales and Marketing |Â Â Crucell, Johnson & JohnsonÂ
Johnson & Johnson is set to buy out Crucell for around $2.3 billion (1.75 bn euros) expanding its presence in the vaccines market.
The US giant already holds a stake of just under 18% in the company, but is now in talks with the Dutch vaccines company to buy its remaining shares.
The deal represents a purchase price of euro 24.75 per share, and the public offer would be an all cash transaction.
In keeping with the now standard approach to acquiring medium-sized companies, Johnson & Johnson has pledged to allow Crucell to ‘retain its entrepreneurial culture that has fostered innovation and growth’.
But Johnson & Johnson hopes that its expertise and experience in the development and commercialisation of pharmaceutical products will help the Dutch company advance its pipeline.
The US company says Crucell’s strength in the manufacture, discovery and commercialisation of vaccines would create a strong platform for it in the increasingly valuable vaccine market.
It has also pledged to maintain Crucell’s existing facilities, to retain Crucell’s senior management and ‘generally, to maintain current employment levels’. Johnson & Johnson also intends to keep Crucell as the centre for vaccines within the J&J pharmaceutical group, and to maintain Crucell’s Dutch headquarters in Leiden.
Any proposed transaction would be subject to customary pre-offer conditions, including consultation with the relevant works council and trade unions, and customary offer conditions.
Andrew McConaghie
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