Emergent BioSolutions Inc has ended all activities related to its planned acquisition of Protein Sciences Corporation (PSC).
Daniel J Abdun-Nabi, president and chief operating officer of Emergent BioSolutions, stated, "After protracted efforts to determine whether a mutually agreeable acquisition could be completed, we have concluded that such a transaction is no longer practical. In line with Emergent's growth strategy, we are actively pursuing other opportunities which would complement our product pipeline."
Emergent will pursue full repayment of the $10 million loan, which is secured by substantially all of PSC's assets, and settlement of the outstanding litigation against PSC and its senior management initiated by Emergent in connection with an earlier executed asset purchase agreement.
Emergent BioSolutions is a biopharmaceutical company focused on the development, manufacture and commercialization of immune-related biologic products, consisting of vaccines and therapeutics that assist the body's immune system to prevent or treat disease.