US cosmetics and pharmaceutical giant Johnson and Johnson said on Friday it intends to acquire Dutch vaccine maker Crucell, which isactive in developing countries, for about 1.75 billion euros.
“The companies expect that Crucell’s strength in the manufacture, discovery and commercialisation of vaccines would create a strong platform for Johnson & Johnson in the vaccine market,” the two firms said in a statement.
“Under the terms of the negotiations… Johnson and Johnson or an affiliate would acquire all outstanding equity of Crucell that it does not already own for approximately euro 1.75 billion (2.30 billion dollars),” it added.
Johnson & Johnson already owns 17.5 percent of Crucell.
The US firm said it would keep Crucell’s headquarters in Leiden in the Netherlands and preserve jobs at the Dutch company, which employs 1,300 people.
Lasy year Crucell produced more than 115 million vaccine doses in more than 100 countries, with the most of the treatments going to developing countries.