Crucell Resumes Operations At South Korean Vaccine Plant

U.S. health-care products giant Johnson & Johnson (JNJ) takeover target Dutch biotechnology company Crucell NV (CRXL.AE) said Thursday it resumed operations at its South Korean vaccines plant after it had shut it down last year due to sterility issues at the plant.

The World Health Organization (WHO) said the production has been resumed, but added that Crucell can't bring the vaccines to the market until the South Korean regulator has given the green light for that.

WHO spokeswoman Alison Brunier said the organization was not sure yet when the South Korean regulator would give its clearance, but added it's a sign of confidence that Crucell had restarted production again.

Crucell in late October last year abandoned its full-year earnings targets after suspending operations at its Shingal site and temporarily halting shipments of two vaccines because of sterility issues at the plant. The Dutch biotech had earlier said that it expected the facility to resume manufacturing in February 2011.

In early October, Crucell and J&J said they had reached an agreement on the U.S. company's EUR1.75 billion cash offer for the portion of the Dutch vaccine maker it doesn't already own, despite the concerns of some major Crucell shareholders who think the bid is too low.

J&J holds about 17.9% of Crucell shares, and the EUR24.75-a-share offer is for the shares outstanding.

J&J in early December left open the option to change the terms of its offer if problems at Crucell's manufacturing plant in South Korea prove worse than thought.

-By Anna Marij van der Meulen; Dow Jones Newswires; +31 20 5715 216; annamarij.vandermeulen@dowjones.com

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