AMSTERDAM (AFX) - Dutch biotech company Crucell NV sees 'significant' growth potential for cholera vaccine Dukoral, the lead product of SBL Vaccin, the Swedish peer that Crucell is acquiring.
Speaking during a conference call on the takeover, announced today, Crucell chief financial officer Leon Kruimer said Dukoral, an oral vaccine, accounted for 14 mln eur of SBL's 25 mln total turnover in 2005 and the product's sales are expected to remain at a similar level this year.
Crucell expects to double its revenues from vaccines in the next two to four years and has forecast sales of 140-150 mln eur for this year.
Kruimer said Crucell is still interested in making further acquisitions, mostly in distribution, and will look globally, with opportunities seen in Europe and the US.
Crucell also announced today it intends to raise 80 mln eur through the issue of new shares, a move which puzzled some investors.
Kruimer said the takeover of SBL could have been funded with existing reserves. However, compared with its peers, Crucell 'does not have an abundance of cash' and without the issue it would end the year with less than 100 mln eur in the bank.
Kruimer said it is 'very important that we have a cash supply that makes us independent' and is comfortable with a cash balance of more than 100 mln eur.
He repeated that Crucell expects to reach break-even next year. amsterdam@afxnews.com ls/wj COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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