J&J Buys 18% Stake in Biotech Firm Crucell
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NEW BRUNSWICK, N.J. (TheStreet) -- Johnson & Johnson (JNJ) has purchased 14.6 million shares of Crucell(CRXL), or 18% of the Dutch biotechnology company, for 301.8 million euros ($441 million) under a partnership to develop flu vaccines. J&J said the immediate focus of the collaboration will be to develop and commercialize a universal monoclonal antibody product (flu-mAb) for treating and preventing flu. The companies also will work to develop vaccines for other infectious and non-infectious diseases. The companies also have agreed to development milestones and royalty payments based on the successful development and commercialization of products. Under the flu-mAb collaboration, J&J's Ortho-McNeil-Janssen Pharmaceuticals division and Crucell will seek to develop a universal flu-mAb product targeting all influenza A strains, which cause seasonal flu and the current pandemic including H1N1 strains, and the bird flu strain. J&J said the transaction is expected to dilute 2009 adjusted earnings by 2 cents to 4 cents a share. -- Reported by Joseph Woelfel in New York . Follow TheStreet.com on Twitter and become a fan on Facebook.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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