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Novartis says it's not interested in acquiring Berna while Crucell's bid to buy the vaccines maker progresses
By E. Janene Geiss
Philadelphia, Jan. 10 - Novartis said Tuesday that it has decided not to make an offer to acquire Swiss vaccines company Berna Biotech AG, which it was considering combining with Chiron Corp., a U.S. vaccines company that it is currently acquiring.
That announcement paves the way for Dutch biotechnology company Crucell NV to follow through on its acquisition deal with Berna, which was carved out as an all-share exchange on Dec. 15.
Crucell's offer, valued at CHF 591 million, is at a 27% premium to the stock's Nov. 30 closing price, using Crucell's close of €22.70 per share, according to an analyst.
Crucell announced Tuesday that its shareholders have approved the exchange offer. If all shareholders of Berna tender their shares and the exchange offer is successful, Crucell will issue up to a maximum of 18 million ordinary shares of Berna in accordance with the deal.
As a result, Crucell and Berna's current shareholders will own about 73% and 27%, respectively, of Crucell, according to a company news release.
The news release said that shareholders of Berna will vote Jan. 11 to abolish transfer restrictions and appoint three board members proposed by Crucell to Berna's board of directors. The exchange offer is subject to the approval of Berna's shareholders.
Berna, based in Berne, Switzerland, develops, produces and markets vaccines and immunotherapeutics for private and public markets worldwide.
Novartis is a Basel, Switzerland, pharmaceutical and consumer health company.
Crucell is a Leiden, the Netherlands, biotechnology company focused on developing vaccines and antibodies that prevent and treat infectious diseases.
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