Emergent BioSolutions acquiring biopharmaceutical Cangene for $222M
Deal complements Emergent’s development of vaccines and therapeutics.
WINNIPEG — Cangene Corp. has agreed to be acquired by Maryland-based Emergent BioSolutions in an all-cash deal that values the company at US$222 million.
The Winnipeg biopharmaceutical company says Emergent has agreed to pay US$3.24 per share for the company, a premium of 27% to Cangene’s closing stock price of C$2.70 on Dec. 10. and a 45% premium to its 90-day volume weighted average price.
The deal, subject approval by two-thirds of votes cast by shareholders along with court and other approvals, is to be completed in the first quarter of 2014.
“Over the last few years, our team has transformed Cangene into an exceptional specialty biopharmaceutical company and biodefence leader, as demonstrated by our recent product approvals and biodefence contracts. We believe Cangene will now benefit from becoming part of Emergent, a leader in developing vaccines, as well as therapeutics for addressing critical diseases and disorders,” said president and CEO John Sedor.
Emergent president and CO Daniel Abdun-Nabi described the business as “highly complementary,” adding that the addition of revenue-generating products and services across biodefence, commercial specialty biopharmaceuticals and contract manufacturing “significantly advances Emergent towards achievement of our growth plan.”
© 2013 The Canadian Press