The Crucell (B) case updates events at Crucell since 2009. In September, 2009, Johnson & Johnson acquired 18% of Crucell for $400 million. This investment was part of a business development deal. Subsequently, in 2012, Johnson & Johnson acquired Crucell for $2.8 billion.

By 2009, Crucell had become the largest biopharma company in the Netherlands and a symbol of national pride. The case traces the evolution of the company from a University spin-off into a fully-integrated company. Crucell's success, particularly in the vaccine space, had begun to attract the attention of much larger pharmaceutical companies. While there was much appeal to working with these companies, these relationships could also challenge Crucell's independence. This issue is highlighted by the decision whether to partner with companies that wanted ownership of 10-20% of Crucell as part of the business development deals.