NEW YORK (TheStreet) -- Johnson & Johnson (JNJ) - Get Report said it will proceed with its ¿1.75 billion purchase of Dutch biotech company Crucell (CRXL) despite the latter's Korea manufacturing woes.

However, J&J said that it would continue to monitor the situation there, and if it gets worse, the company may require a renegotiation of the offer.

In October, Crucell said that it was halting all shipments of its liquid Quinvaxem vaccine and hepatitis B vaccine Hepavax-Gene because the sterile conditions of its Shingal facility in Korea may have been compromised.

"While the immediate financial impact of the Korea Manufacturing Issues to Crucell, as described in Crucell's financial results for the third quarter of 2010, would not alone constitute a material adverse effect, all effects relating to the Korea Manufacturing Issues (including those related to the period prior to commencement of the Offer) may be taken into account but only in combination with further developments that may arise or become known to Johnson & Johnson after the commencement of the Offer as a result of, and/or in connection with, the Korea Manufacturing Issues in assessing whether the offer condition related to the absence of a material adverse effect has been satisfied at the completion of the Offer," the companies wrote in a joint statement.

J&J said it expects to receive final approval by Dutch regulators before Crucell's shareholders meeting on Dec. 10 in Amsterdam.

In early October, J&J said it would buy Crucell for ¿1.75 billion (about $2.43 billion). Johnson & Johnson, which owns about 17.9% of Crucell's outstanding shares, plans to buy the Crucell shares it doesn't own for ¿24.75 a share. This represents a premium of 58% over Crucell's closing price of ¿ 15.70 on Sept. 16, the day before the offer was announced.

Shares of J&J are up 1% to $62.l8 in morning trading and Crucell is down 1.8% to $30.75.

>>J&J Reaches Deal to Buy Crucell for $2.4B

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>>J&J Reaches Deal to Buy Crucell for $2.4B

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