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Johnson & Johnson eyes Crucell

Aims to buy for $2.3 bn

September 18, 2010  |  comments ( 0 )  | 
Johnson & Johnson eyes Crucell

US healthcare company Johnson & Johnson is in talks to pay 1.75 billion euros ($2.3 billion) to buy Dutch biotech Crucell. J&J, which already owns a 17.9% stake in vaccine maker Crucell. Its potential cash offer valued Crucell shares at 24.75 euros, a 58% premium to Thursday’s closing price. Crucell shares jumped 53.9% to 24.16 euros at 0951 GMT, lifting other Dutch biotech stocks and shares in Austrian vaccine maker Intercell, which climbed 6.7%. “We believe, the chances for success are high. The bid price on the remaining shares can be considered as a knock-out price and is substantially higher than the analysts’ consensus target price,” analyst Jan de Kerpel at KBC Securities said.

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