Protein Sciences says it's terminated a $78 million deal to sell the company to Emergent BioSolutions, two weeks after the two developers launched into a messy public brawl over the merger. Emergent filed suit against Protein Sciences, claiming that the company had breached the buyout pact and had never really intended to go through with the deal. Protein Sciences fired back with its own claims of a breach. Emergent says Protein Sciences can't terminate the deal. Protein Sciences says that Emergent is now trying to subvert the company.
"Emergent's blatant disregard for its contractual commitments is shocking," said Daniel Adams, president and chief executive, in a statement. "They continue to try to damage PSC with inappropriate and unauthorized contact to our customers and collaborators and appear to have launched an effort to disrupt the approval process...for FluBlok," which is up for regulatory approval.
- here's the release on the move
- read the story from the Washington Business Journal