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

Johnson & Johnson said Wednesday Dutch biotechnology company Crucell agreed to be acquired for €1.75 billion ($2.43 billion).
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NEW BRUNSWICK, New Jersey (

TheStreet

) --

Johnson & Johnson

(JNJ) - Get Report

said Wednesday Dutch biotechnology company

Crucell

(CRXL)

agreed to be acquired for €1.75 billion ($2.43 billion).

Johnson & Johnson currently owns 17.9% of Crucell's outstanding shares and will buy the shares it doesn't own for €24.75 a share.

Johnson & Johnson said in September it was in

advanced talks to buy Crucell

at that price.

The offer price is a premium of 58% over Crucell's closing price of € 15.70 on Sept. 16, the day before the offer was announced.

Crucell is a maker of vaccines and sells a line of cells widely used as a platform for developing vaccines.

Johnson & Johnson said Wednesday the transaction is expected to close in the first quarter of 2011 and will have a dilutive impact of 3 cents to 5 cents a share to its 2011 earnings.

-- Written by Joseph Woelfel

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Joseph Woelfel

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