Allen & Overy (A&O) is advising on a €1.75bn (£1.5bn) M&A deal which could see pharma giant Johnson & Johnson seal the takeover of Dutch vaccine maker Crucell.

Johnson & Johnson already holds an 18% stake in Crucell, but is in advanced discussions about making an all cash public offer to take ownership of the outstanding shares.

A&O is leading on the Dutch side for Crucell, with a team led by Amsterdam corporate and finance of counsel Johan Kleyn, while Clearly Gottlieb Steen & Hamilton is providing US law advice to the target company with a team led by New York M&A partner Daniel Sternberg.

Wall Street rival Cravath Swaine & Moore has taken the lead US role for Johnson & Johnson, fielding a team led by New York corporate partners Damien Zoubek and Robert Townsend. NautaDutilh is advising Johnson & Johnson on Dutch law with a team led by corporate partner Christiaan de Brauw.

The deal has yet to close, although the parties announced discussions last week (17 September).

One partner commented: "The deal comes as part of an uptick in the Dutch corporate market. We see in general that more deals are being prepared and my impression is that M&A in the Netherlands is really moving towards a busy period."

Crucell is a global biopharmaceutical company focused on research development, production and marketing of vaccines, proteins and antibodies that prevent or treat infectious diseases. Crucell is one of the major suppliers of vaccines to UNICEF and the developing world.