Thursday, March 26, 2015
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.