Emergent BioSolutions one step closer to acquiring Cangene
Emergent said that the expiration of the waiting period for antitrust review under the Hart-Scott-Rodino-Antitrust Improvements Act of 1976 satisfies one of the conditions to close the acquisition of Cangene.
On December 11, Emergent announced that it and Cangene entered into a definitive agreement under which Emergent would acquire all the outstanding common shares of Cangene in an all-cash transaction for an aggregate purchase price of $222 million.
Completion of the Cangene acquisition is also subject to approval by 66 2/3 percent of the votes cast by Cangene shareholders at a special shareholder meeting scheduled for February 12. Additionally, the acquisition is subject to approval by the Ontario Superior Court of Justice for a hearing scheduled for February 18 and other customary closing conditions.
Cangene has three specialty products in the U.S. Strategic National Stockpile, including botulism antitoxin (equine) heptavalent, vaccinia immune globulin intravenous (human) and anthrax immune globulin intravenous.
"The addition of Cangene is expected to accelerate our growth driven by a substantially expanded biodefense franchise, a portfolio of approved specialty therapeutics sold through an established commercial infrastructure, and fill/finish manufacturing capabilities with growing contract revenues," Daniel Abdun-Nabi, the president and CEO of Emergent, said.
Emergent anticipates the transaction will close before the first quarter of 2014.