Pharmaceutical and health care giant Johnson & Johnson has reached a deal with Dutch biotechnology vaccine group Crucell to buy 82.5 per cent of Crucell for about €1.75 billion, the two firms said yesterday.

The payment, in cash for the equivalent of $2.4 billion, would be made by a subsidiary of Johnson & Johnson which already owns 17.5 per cent of the biotechnology firm.

The head of pharmaceutical research at Johnson & Johnson, Paul Stoffels, said: “This potential combination would provide us with a new platform for growth and advances our goal to deliver integrated health care solutions, with particular emphasis on prevention.“

The price represents €24.75 per share, and a premium of 58 per cent from the price on September 16, the day before the two groups revealed that they were in advanced talks. The price represents a premium of 63 per cent on the average price in the previous 30 days. Crucell, which employs 1,300 people, produced more than 115 million doses of vaccine last year for distribution in about 100 countries most of which are developing countries.

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