This excerpt taken from the CRXL 6-K filed Feb 9, 2010.
Crucell's Chief Executive Officer Ronald Brus said:
The key event of the year was the partnership agreement we signed with Johnson & Johnson (JNJ). This partnership, with a total deal value of over €1 billion, included a payment of over €300 million, mainly related to an equity investment of 18%. The partnership with JNJ provides us with additional R&D funding and enables us to further accelerate and expand our product development. In 2010 and onwards we have a responsibility to make the most of these opportunities.
Our business is stronger than ever and in 2009 we achieved a solid overall revenue growth of 26%, driven by a 35% increase in vaccine sales. With a clear strategy for long-term growth and even more focus on research and
development, I am very proud that we significantly improved profitability in 2009 and together with a healthy balance sheet and a strong year-end cash position, we were able to end the year on a high.
Our world-class vaccine production plant in Seoul, Korea, is being constructed at record pace. This allows us to efficiently produce high volumes of vaccines in Asia. Our partner Adimmune has also successfully started production of influenza vaccines in Taiwan and is a promising future supplier of flu antigens for us.
Furthermore, in 2009 we made great progress in terms of global integration, improving performance and increasing accountabilityall with the ultimate aim of increasing the impact Crucell has on human health. These achievements form a solid foundation on which to build our future.