Cravath Reps J&J In $2.3B Bid For Crucell

Law360, New York (December 8, 2010, 2:14 PM EST) -- Drugmaker Johnson & Johnson, which owns 17.9 percent of the outstanding shares of Crucell NV, made a formal bid Tuesday to buy the remainder of the Dutch biotechnology firm for €1.75 billion ($2.3 billion).

The parties said in a joint statement Tuesday that a newly-formed J&J subsidiary would pay €24.75 per share for Crucell's outstanding shares, a 58 percent premium over the €15.70 closing price Sept. 16, which was the last trading day before the companies first announced they were in negotiations.

Crucell will hold a...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.