Seattle biotech Trubion Pharmaceuticals agreed to be acquired by Emergent BioSolutions for $96.8 million in cash and stock and a potential later payment of as much as $38.7 million. hours trading.
Seattle biotech Trubion Pharmaceuticals agreed to be acquired by Emergent BioSolutions for $96.8 million in cash and stock and a potential later payment of as much as $38.7 million.
The news, announced after the stock market closed Thursday, pushed Trubion’s stock up nearly 50 percent in after-hours trading. The gains held in Friday’s trading.
The deal with Emergent, maker of an anthrax vaccine, would pay $1.365 in cash and 0.1641 share of Emergent BioSolutions for each share of Trubion, the companies said Thursday. Trubion shareholders would be eligible for future payments based on milestones for experimental drugs.
Trubion has two clinical-stage oncology and autoimmunity products.
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Emergent, based in Rockville, Md., makes BioThrax, the only vaccine approved by the Food and Drug Administration for the prevention of anthrax, as well as vaccines and antibody therapies that help the body’s immune system fend off diseases.
The acquisition “diversifies our product pipeline beyond infectious diseases into two high-growth areas of oncology and autoimmunity,” Fuad El-Hibri, chairman and chief executive officer of Emergent, said in a statement.