Crucell and Berna shareholders clear path for takeover

If all shareholders of Berna tender their shares and the exchange offer is declared successful, Crucell will issue up to a maximum of 18,000,000 ordinary shares to the shareholders of Berna in accordance with the terms and conditions of the exchange offer. As a result Berna’s current shareholders will own approximately 27% of Crucell.

The Berna shareholders also voted to approve the appointment of three board members proposed by Crucell to the board of directors of Berna, subject to the exchange offer being consummated.

The approvals come shortly after an announcement by Novartis indicating that it has decided not to make a bid for Berna. The Swiss pharmaceutical giant had been performing a due diligence assessment of the smaller biotech but announced recently it had dropped its interest.