Crucell recommends J&J bid to shareholders

NEW YORK A few weeks after Johnson & Johnson announced it would purchase the remainder of Dutch biotech firm Crucell it doesn't already own for about $2.4 billion, J&J received backing for the bid.

Crucell recommended the offer to the shareholders but not without receiving some criticism from shareholders Delta Lloyd Asset Management, Robeco and the Van Herk Group, which said the offer from J&J "undervalued" Crucell's worth. The fund managers jointly control at least 15.5% of Crucell, according to Reuters.

"We would not tender our shares at this price. J&J gets a lot of value from this deal, given its client base and the sales potential involved. We consider this the starting point, Crucell's management would need to convince us in the coming days [on the price]," Jack Jonk, head of equity at Delta Lloyd Asset Management, said.

J&J said it would benefit from Crucell’s expertise in vaccines and gain a “strong platform” in the vaccine market. The drug maker said it plans to keep Crucell as the center for vaccines in the conglomerate and maintain its headquarters in Leiden, Netherlands.