Emergent BioSolutions is walking away from its troubled attempt to finish a merger deal with Protein Sciences, saying the $78 million acquisition [1] is "no longer practical." And in an announcement Emergent said that it was pursuing other opportunities to expand its business.
Emergent had filed a lawsuit against Protein Sciences to try and push through the deal, leveling a series of charges against the vaccine maker after Protein Sciences claimed that Emergent had violated their pact and tried to derail regulatory approval of its late stage FluBlok.
Emergent, which makes the only FDA-approved anthrax vaccine [2], says it will now look to end the litigation and get its $10 million loan back.
- check out Emergent's release [3]
- read the report [4] from the Washington Business Journal
Related Articles:
Would-be partners wage angry feud [5]
Protein Sciences, Emergent wage war of words [6]
Emergent accuses biotech execs of wrecking buyout pact [7]
Emergent adds new space for biotech start-ups [8]
Emergent buys Protein Sciences in $75M deal [1]
Links:
[1] http://www.fiercebioresearcher.com/vaccines/story/emergent-buys-protein-sciences-in-75m-deal/2008-05-29
[2] http://www.fiercevaccines.com/story/emergent-wins-404m-anthrax-vaccine-contract/2008-10-02
[3] http://www.fiercebiotech.com/press-releases/emergent-biosolutions-ends-efforts-acquire-protein-sciences
[4] http://www.bizjournals.com/washington/stories/2009/01/05/daily40.html
[5] http://www.fiercevaccines.com/story/would-be-partners-wage-angry-feud/2008-07-31
[6] http://www.fiercebiotech.com/story/would-be-merger-partners-wage-war-words/2008-07-30
[7] http://www.fiercebioresearcher.com/vaccines/story/emergent-accuses-biotech-execs-wrecking-buyout-pact/2008-07-10
[8] http://www.fiercebiotech.com/story/eti-adds-new-space-biotech-start-ups/2008-06-16