Crucell, J&J deal

Johnson & Johnson and Crucell said they are in advanced negotiations for a proposed transaction under which J&J would acquire the remaining 82.1% of the vaccine company it doesn't already own for €24.75 per share, or about €1.8 billion ($2.2 billion) in cash. The price is a 58% premium to Crucell's close of €15.70 on Sept. 16, before the announcement, and values Crucell at about €2 billion ($2.6 billion), based on 81.7 million shares outstanding at Sept. 10.

J&J said Crucell's vaccines business would create a strong platform for the pharma in the vaccines market. The companies partnered in 2009 to discover, develop and commercialize mAbs and vaccines, including the preclinical flu-mAb, a universal mAb targeting all influenza A strains. Crucell markets vaccines such as Quinvaxem to prevent diphtheria, tetanus, pertussis, HBV and Haemophilus influenzae type B (Hib) (see BioCentury, Oct. 5, 2009). ...