J&J looks to add Crucell to its crucible

Johnson & Johnson (NYSE:JNJ) is in advanced negotiations to potentially 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 ($2.2 billion) in cash. The price is a 58% premium to Crucell's Thursday close of EUR 15.70, before the announcement, and values Crucell at about EUR 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). Crucell had 1H10 revenue of EUR 194.3 million ($237.4 million). ...