After much speculations, Novartis finally decides not to bid for Berna Biotech AG, leaving it up for Dutch biotechnology start-up firm, Crucell, to take-over.

"After completion of due diligence and an assessment of the potential benefits and risks of an acquisition, Novartis has decided not to make an offer for Berna Biotech," Novartis said on Tuesday in a statement.

Crucell shareholders are expected to vote on the company's plan to take over Berna for around $450 million at a meeting later on Tuesday.

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