ARTICLE | Top Story

J&J seals Crucell deal

October 6, 2010 11:41 PM UTC

Johnson & Johnson (NYSE:JNJ) will acquire the remaining 82.1% of partner Crucell N.V. (Euronext:CRXL; NASDAQ:CRXL) it doesn't already own for EUR 24.75 per share, or about EUR 1.8 billion ($2.4 billion) in cash. The price is a 58% premium to Crucell's close of EUR 15.70 on Sept. 16, before the companies said they were in negotiations, and values Crucell at about EUR 2 billion ($2.8 billion), based on 81.7 million shares outstanding at Sept. 10. The boards of both companies have approved the offer, which is expected to close next quarter. Barclays Capital and Lazard advised Crucell. Crucell was up EUR 0.09 to EUR 24.64 on Wednesday. On NASDAQ, the stock was up $0.38 to $34.20. ...