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Home Industry News

Emergent Expands Biodefense Holdings with Acquisition of Cangene

by Global Biodefense Staff
December 16, 2013

Emergent BioSolutions, which has long supplied the U.S. federal government with anthrax vaccine, last week announced a definitive agreement with Cangene Corporation under which Emergent will acquire all of the outstanding common shares of Cangene in an all-cash transaction valued $222 million. 

Cangene’s biodefense business sells three drugs to the U.S. government, including treatments for smallpox, botulism and Anthrax. Cangene also has a commercial portfolio of treatments immune thrombocytopenic purpura, Hepatitis B and chickenpox. 

In total, Cangene collected $127.3 million in revenue for the fiscal year ending July 31, 2013. The firm turned a profit of $1.4 million that same year, up from a net loss of $28.3 million during prior fiscal year. 

“The acquisition of Cangene is consistent with our stated growth plan to acquire revenue generating products that leverage our core capabilities,” said Daniel J. Abdun-Nabi, president and chief executive officer of Emergent BioSolutions. “The addition of Cangene is expected to accelerate our growth driven by a substantially expanded biodefense franchise, a portfolio of approved specialty therapeutics sold through an established commercial infrastructure, and fill/finish manufacturing capabilities with growing contract revenues.” 

The combined company presents a clearly attractive financial profile with pro forma total revenues of over $430 million and pre-tax operating income of approximately $55 million.

This is the second major acquisition for Emergent in 2013, having acquired Healthcare Protective Products Division of Bracco Diagnostics for $26 million earlier in the year, including Bracco’s chemical warfare agent decontamination lotion.

From Our Partners
Tags: AnthraxBotulinum NeurotoxinSmallpox

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