Crucell offloads vet business
STORY UPDATE
BERKELEY, Calif.—April 24, 2006—Dynavax Technologies announced it had completed its acquisition of Rhein Biotech GmbH from Crucell N.V. in an all-cash transaction of $12.4 million. It also incurred certain employee costs and additional transaction related costs and expenses. Rhein will be incorporated into Dynavax as a fully owned subsidiary under the name Dynavax Dusseldorf. The deal also sees the end of previous supply agreements that Dynavax had with former Rhein parent corporation Berna Biotech AG.
LEIDEN, The Netherlands—Dutch biotech company Crucell N.V. continued to divest itself of unwanted business opportunities with the sale of the veterinary pharmaceuticals production company Dr. E. Gräub AG. The company, which Crucell acquired in its recent purchase of Swiss vaccine firm Berna Biotech, will become a subsidiary of Germany's VETINVEST GmbH.
Although financial terms of the deal were not disclosed, the move will likely impact the lives of up to 40 employees. This divestment, which follows rapidly on the heels of Crucell's sale of Rhein Biotech GmbH to Dynavax Technologies, is an important step towards aligning Crucell's portfolio of activities with its strategic priorities. Crucell's core portfolio includes vaccines against hepatitis B and virosomal influenza, but it also markets travel vaccines, including an oral anti-typhoid vaccine.
