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Nov 21, 2006

Crucell Procures SBL Vaccines for $50M

  • Crucell signed an agreement for the acquisition of SBL Vaccines from 3i and SEB for a total of Euro$39.4 million in cash. The acquisition is expected to be completed on Thursday, November 23.

    SBL’s main product, Dukoral®, is an oral vaccine against cholera. In 2005, sales for the vaccine exceeded Euro$14 million. Dukoral will add to Crucell's portfolio of travel vaccines, which includes Epaxal®, an aluminium-free hepatitis A vaccine; Vivotif®, a typhoid fever vaccine; and Quinvaxem™, a pediatric vaccine for diphtheria, tetanus, pertussis (whooping cough), hepatitis B, and Haemophilus influenzae type b.

    SBL is a sales and distribution organization for vaccines in Scandinavia. The company markets a broad range of vaccines sourced from global vaccine companies, including Crucell, and in 2005, generated over Euro$25 million in revenues.

    In conjunction with the acquisition of SBL, Crucell intends to raise Euro$80 million through the issue of new ordinary shares. The proceeds of the offering will be used for funding the acquisition of SBL, refinancing the acquisition of Berna Products (Euro$14 million), and repayment of outstanding mortgage loans held in Berna Biotech (Euro$19 million). Any additional proceeds will be used for general corporate purposes.



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