J&J in Talks to Buy Rest of Crucell for $2.3B
NEW BRUNSWICK, N.J. (
) --
Johnson & Johnson
(JNJ) - Get Johnson & Johnson Report
is in advanced talks to buy
Crucell
(CRXL)
, the Dutch biotech company.
J&J, which already owns 17.9% of Crucell, would acquire the rest of Crucell for €1.75 billion ($2.3 billion), or €24.75 a share, in cash.
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Crucell closed Thursday at €15.70, making the intended offer a 58% premium.
Crucell is a maker of vaccines and sells a line of cells widely used as a platform for developing vaccines.
The boards of J&J and Crucell have authorized the companies to proceed with the talks for a potential transaction.
The companies expect that Crucell's strength in the manufacturing, discovery and commercialization of vaccines would create a strong platform for J&J in vaccines, the companies said in a statement Friday.
-- Written by Joseph Woelfel
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