ROCKVILLE, Md.--(BUSINESS WIRE)--Feb. 21, 2014--
Emergent BioSolutions Inc. (NYSE: EBS) announced today that it has
completed its acquisition of Cangene Corporation for $222 million in
cash. After payment by Cangene of transaction related costs, Emergent
expects to receive approximately $40 million of cash from Cangene in
connection with closing. The completion of the acquisition follows the
successful conclusion of all closing conditions, including approval by
the Ontario Superior Court of Justice and a positive vote by Cangene
shareholders at a special shareholder meeting held on February 12, 2014.
The transaction is consistent with Emergent’s growth plan in that it
diversifies the company’s revenue mix, adds commercial product sales and
contributes to earnings growth.
“The acquisition of Cangene is expected to accelerate our growth by
substantially expanding our biodefense product portfolio, by adding
marketed therapeutics that are provided to hospitals and specialty
clinics through an established commercial infrastructure, and by
providing fill/finish manufacturing capabilities that have growing
contract revenues,” said Daniel J. Abdun-Nabi, president and chief
executive officer of Emergent BioSolutions. “We look forward to fully
integrating Cangene into our operations and to building significant
value as a combined company for our customers and shareholders.”
About Emergent BioSolutions
Emergent BioSolutions is a specialty pharmaceutical company seeking to
protect and enhance life by offering specialized products to healthcare
providers and governments to address medical needs and emerging health
threats. Additional information about the company may be found at www.emergentbiosolutions.com.
Follow us @emergentbiosolu.
Safe Harbor Statement
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, including
statements regarding the potential opportunities and financial impact of
the transaction, our financial guidance, and any other statements
containing the words “believes”, “expects”, “anticipates”, “intends”,
“plans”, “forecasts”, “estimates” and similar expressions, are
forward-looking statements. These forward-looking statements are based
on our current intentions, beliefs and expectations regarding future
events. We cannot guarantee that any forward-looking statement will be
accurate. Investors should realize that if underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results
could differ materially from our expectations. Investors are, therefore,
cautioned not to place undue reliance on any forward-looking statement.
Any forward-looking statement speaks only as of the date of this press
release, and, except as required by law, we do not undertake to update
any forward-looking statement to reflect new information, events or
circumstances.
There are a number of important factors that could cause the company’s
actual results to differ materially from those indicated by such
forward-looking statements, including our ability to successfully
integrate Cangene and realize the potential benefits of the transaction;
our ability to successfully integrate the recent acquisition of the HPPD
business and realize the benefits of the HPPD transaction; our ability
to obtain new BioThrax sales contracts or modifications to existing
contracts; our plans to pursue label expansions and improvements for
BioThrax; availability of funding for our U.S. government grants and
contracts; our ability to identify and acquire or in-license products or
late-stage product candidates that satisfy our selection criteria;
whether anticipated synergies and benefits from an acquisition or
in-license are realized within expected time periods or at all; our
ability to enter into selective collaboration arrangements; our ability
to expand our manufacturing facilities and capabilities; our ability to
meet operating and financial restrictions placed on us and our
subsidiaries that are contained in our senior credit facility; the rate
and degree of market acceptance and clinical utility of our products;
the success of our ongoing and planned development programs; the timing
of and our ability to obtain and maintain regulatory approvals for our
product candidates; and our commercialization, marketing and
manufacturing capabilities and strategy. The foregoing sets forth many,
but not all, of the factors that could cause actual results to differ
from our expectations in any forward-looking statement. Investors should
consider this cautionary statement, as well as the risk factors
identified in our periodic reports filed with the SEC, when evaluating
our forward-looking statements.
Source: Emergent BioSolutions Inc.
Emergent BioSolutions Inc.
Investor Contact:
Robert G.
Burrows
Vice President, Investor Relations
301-795-1877
BurrowsR@ebsi.com
or
Media
Contact:
Tracey Schmitt
Vice President, Corporate
Communications
301-795-1800
SchmittT@ebsi.com
