Crucell, J&J deal

Johnson & Johnson will acquire the remaining 82.1% of partner Crucell it doesn't already own for €24.75 per share, or about €1.8 billion ($2.4 billion) in cash. The price is a 58% premium to Crucell's close of €15.70 on Sept. 16, before the companies said they were in negotiations, and values Crucell at about €2 billion ($2.8 billion), based on 81.7 million shares outstanding at Sept. 10. J&J said it expects to keep Crucell as the center for vaccines within the J&J pharmaceutical group. The boards of both companies have approved the offer, which is expected to close next quarter. Barclays Capital and Lazard advised Crucell (see BioCentury, Sept. 20). ...