Crucell to buy SBL Vaccin for $50.6M

Dutch biotechnology company Crucell NV has signed an agreement for the acquisition of Stockholm, Sweden-based SBL Vaccin AB for a total consideration of 39.4 million euros ($50.6 million) in cash. The firm generated revenues of approximately 25.2 million euros in 2005 and its main product, Dukoral, is the market-leading oral vaccine against cholera.

In order to fund the acquisition of SBL, Crucell intends to raise 80.0 million euros through the issue of new ordinary shares, refinance the acquisition of Berna Products Corp completed on October 2, 2006, as well as to repay the outstanding debt of Berna Biotech AG.