Emergent to acquire Trubion

Emergent BioSolutions Inc. (NYSE:EBS) will acquire Trubion Pharmaceuticals Inc. (NASDAQ:TRBN) in a cash and stock deal that the companies said values Trubion at $4.55 per share, or $96.8 million. The price is a 52% premium to Trubion's Thursday close of $3, before the deal was announced. Trubion shareholders also will be eligible for up to an additional $38.7 million in milestones. Emergent said the acquisition will diversify its infectious disease pipeline into cancer and autoimmune indications, as well as expand its mAb capabilities.

Trubion has two partnered small modular immunopharmaceuticals (SMIPs) in the clinic. TRU-016, a SMIP that targets the CD37 antigen, is in Phase I/II testing for chronic lymphocytic leukemia (CLL). SBI-087, a next-generation SMIP that binds CD20, is in Phase II testing to treat rheumatoid arthritis (RA) and Phase I/II testing for systemic lupus erythematosus (SLE). TRU-016 is partnered with Abbott Laboratories (NYSE:ABT), while SBI-087 is partnered with Pfizer Inc. (NYSE:PFE). ...