Cangene to be acquired by Emergent BioSolutions

December 12, 2013

Cangene Corp. (TSX: CNJ) has agreed to be acquired by Maryland-based Emergent BioSolutions (NYSE:EBS) in an all-cash deal that values the company at US$222 million.

The Winnipeg biopharmaceutical company says Emergent has agreed to pay US$3.24 per share for the company, a premium of 27 per cent to Cangene's closing stock price of C$2.70 on Dec. 10. and a 45 per cent premium to its 90-day volume weighted average price.

The deal, subject approval by two-thirds of votes cast by shareholders along with court and other approvals, is expected to be completed in the first quarter of 2014.

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"We believe Cangene will now benefit from becoming part of Emergent, a leader in developing vaccines, as well as therapeutics for addressing critical diseases and disorders," president and CEO John Sedor said Wednesday in announcing the deal.