Emergent BioSolutions to acquire specialty vaccines company PaxVax

On August 9, 2018 Emergent BioSolutions Inc. (NYSE: EBS) announced that it has entered into an agreement to acquire PaxVax, a company focused on specialty vaccines that protect against existing and emerging infectious diseases, for an all-cash consideration of USD 270 million. PaxVax is majority owned by an affiliate of Cerberus Capital Management, L.P. The transaction, which is subject to customary closing conditions, including antitrust regulatory approval, is expected to close in the fourth quarter of 2018.

Covington & Burling LLP acts as lead counsel of Emergent and Lenz & Staehelin advises on Swiss law matters.