Emergent BioSolutions, Inc., plans to acquire or develop three drugs by 2015
The goal is part of a plan to diversify beyond the company's anthrax vaccine. Emergent created a growth plan calling for annual product revenue of greater than $500 million and a three year net income growth of greater than 15 percent, the Washington Business Journal reports.
The company plans to shift more effort to the late stage of its drug pipeline and to cut back early stage research that lacks outside funding. Emergent plans to acquire synergistic revenue by creating biodefense and other specialty products.
Pharmaceutical companies look to specialty drugs that deal with complex conditions to replace revenue lost to patent expirations, the Washington Business Journal reports.
Fuad El-Hibri, the outgoing CEO of Emergent, gave a prediction during an exit interview in January that the company would broaden into commercial markets and other biodefense products, such as radiation countermeasures and antimicrobials.
The announcement shows that Emergent is moving toward outside collaboration and acquisition to achieve diversification.
Emergent also announced its quarterly financial results, reporting a net income of $6.6 million on $66.6 million in third quarter revenue. The income and revenue rose year-on-year from Q3 2011, when the company had a net income of $1.5 million on $58.8 million in revenue.