Crucell N.V. (NSDQ:CRXL) shareholders voted to adopt the governance resolutions of the company’s proposed acquisition by Johnson & Johnson (NYSE:JNJ).
At a meeting to discuss JNJ’s offer, more than 61 percent of Crucell’s shareholders approved certain conditions related to the amendment of the Netherlands-based biotech company’s corporate organization as well as the replacement of certain supervisory board members.
Current Crucell board members William Burns, ;Steve Davis, Phillip Satow, James Shannon, George Siber, Floris Waller and Claes Wilhelmsson will resign once the acquisition deal closes, according to the companies. Crucell CEO Ronald Brus is slated to remain the company’s chief executive. The outgoing board members will be replaced by Johnson & Johnson-nominated members, most of whom are employees of the New Brunswick, N.J. based company.
The European Commission cleared Johnson & Johnson’s €1.7 billion ($2.4 billion) buyout of Crucell in late January.
Crucell reported a loss of 7.5 million euros ($10.2 million), or 9 euro cents per share, in the three months ending Dec. 31. In the same period in 2009, the company posted a profit of €15.6 million, or 19 euro cents per share. The company’s sales declined about 27 percent to €81.6 million ($110.8 million) from €111.3 million.
