Emergent BioSolutions strikes $222M deal to buy Cangene Corp.
By By Scott Dance and The Baltimore Sun
Dec 12, 2013 | 12:41 PM
Rockville biotechnology company Emergent BioSolutions Inc. has struck a deal to buy Canadian firm Cangene Corp., which employs 100 people in Baltimore, for $222 million in cash, the companies said Thursday.
Emergent is paying $3.24 per share for Cangene, gaining its products used in biodefense as well as its manufacturing capabilities. Cangene operates a contract manufacturing facility in the Carroll-Camden Industrial area along the Russell Street corridor.
Emergent develops, manufactures and sells products used in defense and commercial markets, including treatments to prevent anthrax disease and remove or neutralize chemical warfare agents from skin.
The combined company expects annual revenue of $436 million, Emergent said in a news release.
The deal is subject to a two-thirds vote by Cangene shareholders as well as approval by a Canadian court. It is expected to close in early 2014.