Roommates, but not Married

Crucell N.V. believes it still has a future as an independent vaccines business despite Johnson & Johnson apparently parking its tanks on the Dutch biotech's lawn. The pharma last week bought an 18% stake for €301.8 million ($404 million) and secured rights to preclinical assets including a mAb that has shown some promise as a universal flu treatment.

Although J&J is now Crucell's largest shareholder, the biotech says the deal terms limit the pharma's rights so that Crucell is not precluded from choosing its own path forward...