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news.Dutch biotechnology company Crucell has signed an agreement for the acquisition of Stockholm-based SBL Vaccin for E39.4 million in cash.
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The acquisition could potentially improve Crucell’s sales organization in Scandinavia and further strengthen its travel vaccines franchise through SBL’s main product, Dukoral, an oral vaccine for cholera. Crucell said that Dukoral sales have increased by more than 60% since 2004.
In addition, Crucell also said that it intends to raise E80 million through the issue of new ordinary shares. The proceeds will be used to fund the acquisition of SBL, refinance the acquisition of Berna Products Corporation and repay the outstanding debt of Berna Biotech AG. Crucell acquired Berna Products in October.
“The acquisitions of SBL and Berna Products Corporation both fit perfectly in our strategy to further expand our travel vaccines portfolio,” said Crucell’s CEO, Ronald Brus.
Crucell said that its total decrease in cash over 2006, excluding the cash acquired in the Berna Biotech acquisition, was expected to be in the range of E33 million to E38 million. The company aims to achieve cash break even in 2007.