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J&J buys 18% of Crucell

29-Sep-2009

Related topics: Mergers and acquisitions, Industry Drivers

US health care major J&J has paid €302m for an 18 per cent stake in Dutch biotechnology Crucell and announced plans for a collaborative drug development programme.

The primary focus of the partnership will be drugs based on monoclonoal antibody technology with the ultimate goal of developing an influenza vaccine capable of protecting against seasonal and pandemic strains.

Crucell was in $1.35bn (€921m) takeover talks with Wyeth prior to that firm’s mega-merger with fellow US drug major Pfizer earlier this year.

Under the new deal, which is being carried out through its JHC Nederland affiliate, Johnson & Johnson (J&J) has agreed not to buy anymore Crucell share for a three year period without the Dutch firm’s consent.