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Johnson & Johnson Bids $2.3 Billion for Dutch Biotech Crucell (JNJ)
9/17/2010 8:37:00 AM
Healthcare giant Johnson & Johnson ( JNJ ) on Friday said it is deep into talks to purchase Dutch biotech company Crucell for around US$2.3 billion.
JNJ already owns a 17.9% stake in Crucell, which makes vaccines and antibodies to help fight human diseases. The cash offer of 24.75 euros per share represents a 58% premium over Crucell's Thursday closing price.
Crucell CEO Ronald Brus said the company will recommend shareholders tender their shares to the offer, and noted the deal could close by the end of the year.
Johnson & Johnson shares were mostly flat in premarket trading Friday.
The Bottom Line
Johnson & Johnson ( JNJ ) is a "recommended" dividend stock holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.