Crucell Can Resume Quinvaxem Sales, WHO Says

Crucell NV (CRXL.AE) can resume selling its top vaccine Quinvaxem to United Nations agencies, after the World Health Organization said Thursday that the Dutch biotech company has resolved manufacturing problems at its plant in South Korea.

Crucell, a EUR1.75 billion takeover target for U.S. healthcare giant Johnson & Johnson (JNJ), last year suspended production at its South Korean plant because of sterility issues at the site. It also halted shipments of two children's vaccines, including Quinvaxem, Crucell's key growth driver in the past years.

The problems, which pushed Crucell into a loss for 2010, unnerved investors who feared that J&J could lower its bid. The U.S. company had threatened to change the terms of its bid had the troubles at the South Korean plant proven worse than thought.

However, the WHO said Thursday that Crucell can resume selling new batches of Quinvaxem to U.N. agencies, following investigations that showed the problems have been resolved.

Most of the doses of the vaccine go to the developing world and Crucell is a major supplier to Unicef, the United Nations Children's Fund.

Crucell wasn't immediately available for comment.

The clearance from the WHO comes as Crucell's shareholders are increasingly likely to accept J&J's bid, which runs until Feb. 16.

Van Herk Groep and Delta Lloyd Asset Management, two main shareholders that previously dismissed J&J's bid for being too low, said Wednesday they plan to sell their stakes.

Other key shareholders, including asset manager APG Groep and Mediobanca SpA (MB.MI), have declined to comment so far.

J&J, which holds about 17.9% of Crucell shares, reached agreements with the Dutch company last year for buying the remaining shares it doesn't already own.

-By Maarten van Tartwijk, Dow Jones Newswires; +31 20 571 5201; maarten.vantartwijk@dowjones.com

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