J&J Bids $2.3 Billion for Crucell

Johnson & Johnson has made a bid to acquire all outstanding shares of Crucell N.V. for $2.3 billion in cash. J&J currently holds approximately 17.9% of Crucell’s total issued shares.

The two companies entered negotiations in September 2010. Crucell’s management board and supervisory board unanimously supported the offer. The acceptance period for the offer begins on December 9th and, unless extended, ends on February 16, 2011.

J&J expects to maintain Crucell’s existing facilities, senior management, and Crucell’s current employment levels. J&J also plans to keep Crucell as the center for vaccines within J&J’s pharmaceuticals group and to maintain Crucell’s headquarters in Leiden.