Emergent BioSolutions Inc. (NYSE:EBS) announced today that it has ended
all activities related to its planned acquisition of Protein Sciences
Corporation (PSC).
Daniel J. Abdun-Nabi, president and chief operating officer of Emergent
BioSolutions, stated, "After protracted efforts to determine whether a
mutually agreeable acquisition could be completed, we have concluded
that such a transaction is no longer practical. In line with Emergent’s
growth strategy, we are actively pursuing other opportunities which
would complement our product pipeline.”
Emergent will pursue full repayment of the $10 million loan, which is
secured by substantially all of PSC’s assets, and settlement of the
outstanding litigation against PSC and its senior management initiated
by Emergent in connection with an earlier executed asset purchase
agreement.
About Emergent BioSolutions Inc.
Emergent BioSolutions Inc. is a biopharmaceutical company focused on the
development, manufacture and commercialization of immune-related
biologic products, consisting of vaccines and therapeutics that assist
the body’s immune system to prevent or treat disease. Emergent’s
marketed product, BioThrax® (Anthrax Vaccine Adsorbed), is the only
vaccine approved by the U.S. Food and Drug Administration for the
prevention of anthrax infection. Emergent’s development pipeline
includes programs focused on anthrax, botulism, typhoid, tuberculosis,
hepatitis B and chlamydia. Additional information may be found at www.emergentbiosolutions.com.
Safe Harbor Statement
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, including
statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and
objectives of management, including any potential future securities
offering, and any other statements containing the words "believes”,
"expects”, "anticipates”, "plans”, "estimates” and similar expressions,
are forward-looking statements. There are a number of important factors
that could cause the company's actual results to differ materially from
those indicated by such forward-looking statements, including
appropriations for BioThrax procurement; our ability to obtain new
BioThrax sales contracts with the U.S. government; our plans to pursue
label expansions and improvements for BioThrax; our plans to expand our
manufacturing facilities and capabilities; the rate and degree of market
acceptance and clinical utility of our products; the timing of and our
ability to obtain and maintain regulatory approvals for our other
product candidates; our commercialization, marketing and manufacturing
capabilities and strategy; our estimates regarding expenses, future
revenue, capital requirements and needs for additional financing; and
other factors identified in the company's quarterly report on Form 10-Q
for the quarter ended September 30, 2008 and subsequent reports filed
with the SEC. The company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release.
