J&J Bids $2.3 Billion for Crucell

Johnson & Johnson is in advanced talks to pay $2.3 billion in cash for the portion of Dutch vaccine maker Crucell NV that it doesn't already own in a bid to increase its foothold in vaccines.

Crucell, based in Leiden, the Netherlands, said its management and board support the proposed €24.75 ($32.28)-a-share offer. Last year, it earned €23.9 million on revenue of €358 million.

However, Crucell's second-largest shareholder said the offer is inadequate. Gertjan van der Baan, a director at Van Herk Groep, called the bid "too low, meager in fact." He said the company has the revenue potential of a biotech company and the low risk of a pharmaceutical maker. Van Herk owns a 9.6% stake in Crucell.

Read Full Article from Wall Street Journal

- Posted: 2010-09-17 22:00:46

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