By Aaron Gray-Block
AMSTERDAM (Reuters) - U.S. health care company Johnson & Johnson
Johnson and Johnson, which already owns a 17.9 percent stake in vaccine maker Crucell, said on Friday its potential cash offer would value Crucell shares at 24.75 euros, a 58 percent premium to Thursday's closing price.
"The deal is a fair price, not top of the bill. But the likelihood of a bidding war is small," said Rabo Securities analyst Fabian Smeets.
Smeets added Britain's GlaxoSmithKline
J&J said although its due diligence is largely complete, the transaction remains subject to negotiation of a definitive agreement and customary pre-offer conditions, including consultation with Crucell's works council and trade unions.
"The companies expect that Crucell's strength in the manufacture, discovery and commercialization of vaccines would create a strong platform for Johnson & Johnson in the vaccine market," the companies said in a joint statement.
Johnson and Johnson bought its stake in Crucell, one of two major independent vaccine makers in Europe alongside Austrian biotech company Intercell
The deal comes as Crucell is on the cusp of sharp sales growth for its pediatric vaccine Quinvaxem after a production failure at rival Shantha Biotechnics, part of French group Sanofi-Aventis.
Shantha lost prequalification status to supply the World Health Organization (WHO) with its childhood vaccine in July.
In January 2009, Crucell, which has a market capitalization of 1.28 billion euros, had said it was in takeover talks with Wyeth. That deal fell victim to Pfizer's
(Editing by Dan Lalor, Mike Nesbit)
($1=0.7641 euros)
