EBS - Emergent BioSolutions to offload travel health business to Bavarian Nordic for $380M

• Emergent BioSolutions ( NYSE: EBS ) to sell its travel health business to Bavarian Nordic ( OTCPK:BVNRY ) for $380M, comprising of $270M in upfront cash consideration, up to $30M in sales-based milestones associated with the commercial products and up to $80M in development-based milestones associated with the CHIKV VLP program.
• As per the agreement, Bavarian Nordic will acquire the rights to VIVOTIF and VAXCHORA as well as the development-stage chikungunya vaccine candidate CHIKV VLP.
• The company will also acquire Emergent’s manufacturing site in Bern, Switzerland, and development facilities in San Diego, California.
• Approximately 280 current Emergent employees will join Bavarian Nordic as part of this deal.
• The sale will lead Emergent to fully focus on its medical countermeasure products, such as ACAM2000, TEMBEXA, RSDL, several anthrax products and opioid overdose reversal medicine NARCAN Nasal Spray, and contract development and manufacturing services businesses, which will improve company's profitability and position for sustainable growth over the long term.
• The transaction is expected to close in the second quarter of 2023.
• The company is all set to release its Q4 results on February 27, after market close.
• EBS shares up ~12.3% in Wednesday's premarket session.
• Over a period of one year, EBS lost more than 70% of its value.

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