12:12 PM
 | 
Aug 09, 2018
 |  BC Extra  |  Company News

Emergent acquiring vaccine company PaxVax

Biodefense company Emergent BioSolutions Inc. (NYSE:EBS) will acquire vaccine company PaxVax Inc. (Redwood City, Calif.) for $270 million in cash.

Emergent will gain Vivotif and Vaxchora, which PaxVax markets to prevent typhoid fever and cholera, respectively. Vivotif is an oral typhoid vaccine that contains live-attenuated cells of the bacteria that cause typhoid fever, and Vaxchora is a live-attenuated vaccine against Vibrio cholerae delivered as a single oral liquid dose. PaxVax acquired Vivotif from Johnson & Johnson (NYSE:JNJ) in 2014.

PaxVax's portfolio also includes PXVX0317 (CHIKV-VLP), a Chikungunya virus virus-like particle (VLP) vaccine in Phase II testing, and an adenovirus serotypes 4 and 7 (Ad 4/7) vaccine in Phase I testing. PaxVax is developing the adenovirus vaccine with funding from the U.S. Department of Defense.

Emergent said that the acquisition of PaxVax's cGMP biologics manufacturing facilities in Europe will help the company establish footprint in the EU.

Emergent expects the acquisition, which is slated to close next quarter, to generate $70-$90 million in revenue next year. PaxVax is majority owned by Cerberus Capital Management.

Emergent gained $2.22 to $56.41 on Thursday.

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