Emergent BioSolutions completes acquisition of Cangene
Monday, February 24, 2014
Emergent BioSolutions, a specialty pharmaceutical company offering specialized products to healthcare providers and governments, has completed its acquisition of Cangene for $222 million in cash. After payment by Cangene of transaction related costs, Emergent expects to receive approximately $40 million of cash from Cangene in connection with closing. The completion of the acquisition follows the successful conclusion of all closing conditions, including approval by the Ontario Superior Court of Justice and a positive vote by Cangene shareholders at a special shareholder meeting held Feb. 12. The transaction is consistent with Emergent’s growth plan in that it diversifies the company’s revenue mix, adds commercial product sales and contributes to earnings growth.
“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,” said Daniel J. Abdun-Nabi, president and CEO of Emergent BioSolutions. “We look forward to fully integrating Cangene into our operations and to building significant value as a combined company for our customers and shareholders.”