J&J's bid to acquire Crucell gains full support

NEW BRUNSWICK, N.J. — Johnson & Johnson made its courtship with Dutch biotech company Crucell official by acquiring all of the company for $2.3 billion, the two companies said Wednesday.

In a deal that won the full support of Crucell’s management, J&J will pay $32.74 per share for the remainder of Crucell that it doesn’t already own; J&J indirectly controls around 18% of Crucell’s stock through a Dutch affiliate, while Delta Lloyd Asset Management, Robeco and the Van Herk Group control around 15.5%, according to published reports.

J&J said it would maintain Crucell’s headquarters in Leiden, Netherlands, and keep it as the center for vaccines within J&J’s pharmaceuticals division; it also would keep the company’s senior management and “generally” keep its current staff intact.

J&J originally announced its intention to buy the remainder of Crucell in September, receiving backing from Crucell in early October. Prior to its acquisition by Pfizer, Wyeth also had considered buying Crucell in January 2009.

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