Emergent BioSolutions officially acquires Cangene
Emergent acquired Cangene, a specialty therapeutics development company, for $222 million in cash. Emergent anticipates it will receive approximately $40 million in cash from Cangene after Cangene pays transaction related costs.
Emergent said the acquisition followed the successful conclusion of all closing conditions, including a positive vote by Cangene shareholders at a meeting held on February 12 and approval by the Ontario Superior Court of Justice.
"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," Daniel Abdun-Nabi, the president and CEO of Emergent, said.
Cangene has three specialty products included in the U.S. Strategic National Stockpile, including botulism antitoxin (equine), vaccinia immune globulin intravenous (human) and anthrax immune globulin intravenous.
Emergent said the transaction is consistent with its growth plan to diversify the company's revenue mix, contribute to earnings growth and add commercial product sales.
"We look forward to fully integrating Cangene into our operations and to building significant value as a combined company for our customers and shareholders," Abdun-Nabi said.