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J&J makes crucial bid for Crucell
By Gilbert Kreijger |
December 9, 2010, Thursday
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Print Edition
Print Edition
US healthcare group Johnson & Johnson made a long-awaited 1.75 billion euro (US$2.3 billion) bid for Crucell yesterday, shrugging off the Dutch biotech company's recent problems with vaccine production.
The acquisition would catapult J&J, which already owns 17.9 percent of Crucell, into the global vaccine market given the biotech firm's strong position in vaccines for childhood diseases and its focus on developing influenza vaccines.
J&J had revealed in September it was in talks to buy the outstanding shares in Crucell but quickly ran into opposition from certain key investors who believed it was worth more.
J&J said the offer was subject to fulfillment of certain conditions, including a minimum acceptance level of at least 95 percent of the shares, which will be reduced to 80 percent if certain conditions are met. It will accept shares from today till February 16.
The acquisition would catapult J&J, which already owns 17.9 percent of Crucell, into the global vaccine market given the biotech firm's strong position in vaccines for childhood diseases and its focus on developing influenza vaccines.
J&J had revealed in September it was in talks to buy the outstanding shares in Crucell but quickly ran into opposition from certain key investors who believed it was worth more.
J&J said the offer was subject to fulfillment of certain conditions, including a minimum acceptance level of at least 95 percent of the shares, which will be reduced to 80 percent if certain conditions are met. It will accept shares from today till February 16.
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