Emergent to spin off oncological and hematological therapeutics development
This would create two independent companies that will have different growth strategies and operational and developmental priorities.
The new company will largely focus on oncological and hematological therapeutics development. Emergent will retain products and development programs specifically for the biological defense markets.
"The proposed spinoff recognizes that our two operating divisions have evolved into distinct business and investment opportunities," Emergent President and CEO Daniel Abdun-Nabi said. "The biosciences spinoff establishes each as a pure play company with a focused strategy and enables each company to target investors attracted to its business profile."
Emergent assets including its ADAPTIR platform for modular protein technology and a wide product portfolio of various biological technologies will be transferred to the new company.
Current leadership at Emergent will remain in their current positions.
Marvin White was named president and CEO of the new company once the spinoff process is complete. Previously he has served as CFO at St. Vincent's Health and as the executive director and CFO at Lily USA.
"Having witnessed the development of the biosciences business as an Emergent director, I am excited for the opportunity to grow this business as an independent public company by leveraging its innovative ADAPTIR technology in the highly-desirable immuno-oncology field," White said. "I look forward to working with the talented team within the new biosciences company to advance its unique product candidates for the benefit of patients."