J&J to proceed with Crucell offer

Johnson & Johnson expects to make a takeover bid for Dutch pharmaceutical firm Crucell by the end of this month.

Johnson & Johnson expects to make a takeover bid for Dutch pharmaceutical firm Crucell by the end of this month. Dutch stock market regulator AFM is reviewing the proposed acquisition, which will be filed for approval with the US Securities and Exchange Commission (SEC). The US pharmaceutical and healthcare company bought an 18% stake in Crucell in 2009 for €302m and last month offered to acquire all outstanding equity in Crucell, through an affiliate, for approximately €1.75bn in cash. A consultation process with the Crucell works council has begun and J&J expects to receive the work council''s opinion regarding the offer shortly. J&J said last month that it expected to maintain Crucell''s existing facilities, to retain Crucell''s senior management and, generally, to maintain current employment levels. The US firm also intends to keep Crucell as its centre for vaccines and to maintain Crucell''s headquarters in Leiden. Crucell is focused on research development, production and