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J&J complete acquisition of Crucell

Johnson & Johnson (J&J) has completed its tender offer for Crucell at an agreed price of €24.75 per share and declared the offer as unconditional

Johnson & Johnson (J&J) has completed its tender offer for Crucell at an agreed price of €24.75 per share and declared the offer as unconditional. As a result of the deal, Crucell will become the centre for vaccines within the J&J group.

The announcement referred to a statement issued jointly by J&J and Crucell in December 2010, announcing the recommended cash offer by J&J, through its indirect wholly-owned subsidiary JJC Acquisition Company, for all of the issued and outstanding ordinary shares in the capital of Crucell, including all ordinary shares represented by American depositary shares (ADS)(each ADS representing one ordinary share) at an offer price of €24.75 per share.

The share offer was accepted by 95.24 per cent of shareholders. Settlement of the deal will take place on February 25, 2011. Shareholders who did not accept the offer will have the opportunity to tender their shares for consideration, subject to the same terms, conditions and restrictions, from February 23 to March 8.

J&J's interest in Crucell began in September 2009, when J&J, through its subsidiary Ortho-McNeil-Janssen Pharmaceuticals, purchased an 18 per cent share in the Dutch biotech firm.

A year later, J&J announced it was in advanced negotiations to buy Crucell for €1.75bn in cash. In October 2010, J&J reached an agreement with Crucell on its €24.75 a share purchase offer. J&J said it expected to receive regulatory clearance and commence its offer for the Dutch vaccine maker Crucell before December 10.

22nd February 2011

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