American pharmaceuticals giant Johnson & Johnson has made a €1.75bn cash offer for Dutch biotechnology firm Crucell.

Johnson & Johnson is bidding €24.75 per share for Crucell, well above the company’s Thursday close of €15.70.
Leiden-based Crucell, which focuses on developing vaccines against infectious diseases, said in a statement the talks are at an advanced stage.
The deal will ‘enable Crucell to benefit from Johnson & Johnson’s expertise and experience in the development and commercialisation of pharmaceutical products,’ the two firms said in a joint statement.
Commercialisation
‘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.’
Johnson & Johnson already has a 17.9% stake in Crucell which it acquired last year for some €300m, the Financieele Dagblad says.
‘Crucell is under valued and finally here is the offer the market has been waiting for,’ analyst Rob Koenders from Harmony Vermogensbeheer told the FD.
In August the company said it had booked ‘record turnover’ of €128.6m in the second quarter.