Emergent BioSolutions Inc. of Maryland will acquire Meriden-based Protein Sciences Corp.’s ongoing operations, including FluBlok, an influenza vaccine candidate, and other assets.
Emergent intends to retain all of the approximately 50 PSC employees and anticipates continuing production of FluBlok in the Meriden facility. Emergent expects to launch out of this location. Emergent is also evaluating plans for future large-scale manufacturing of FluBlok and is considering Meriden as a site for the facility.
Under the terms of the agreement, Emergent will acquire substantially all assets of PSC, including FluBlok, Baculovirus Expression Vector System technology, a cell culture-based manufacturing platform used to manufacture FluBlok, other product candidates. PSC’s other product candidates are based on the BEVS platform and include a SARS vaccine in preclinical development, the vaccine manufacturing facility in Meriden, which includes a 600-liter bioreactor and related upstream and downstream capabilities.
Under the terms of the asset purchase agreement, the consideration paid by Emergent will include up to $28 million in cash and the assumption of PSC liabilities, including trade payables associated with the Phase III clinical trials of FluBlok; a $20 million, 4.75%, 5-year note, convertible into Emergent common stock at a conversion price of $12.50 per share; up to $30 million in future payments based on the achievement of FluBlok commercialization milestones and net sales of FluBlok; and a percentage of net sales of FluBlok.
