Johnson & Johnson Buying Dutch Biotech Firm for $2.41 Billion
October 6, 2010
The Associated Press reports, Johnson & Johnson is buying Crucell N.V. for about $2.41 billion boosting the company''s vaccine business. The move had been expected since September, when the companies announced they were in advanced talks. Johnson & Johnson already owns a 17.9 percent stake in the company. The current offer is worth 1.75 billion euros. That marks a 58 percent premium to Crucell''s closing price the day before the companies announced a potential deal. Johnson & Johnson said it will retain Crucell''s existing facilities and senior management, along with current staffing levels. It will use Crucell as the center of its vaccines business and maintain headquarters in Leiden, Netherlands. Crucell''s board supports the deal. The companies have been working together since 2009 to develop a universal flu vaccine and vaccines directed against infectious and noninfectious diseases.