Emergent BioSolutions Joins Effort to Combat National Public Health Threat From Opioid Overdose Through Acquisition of Adapt Pharma and Its Flagship Product NARCAN? (naloxone HCl) Nasal Spray
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- Acquisition advances Emergent?s mission, vision and strategic growth plan by:
- Diversifying and expanding company?s presence within the public health threats market to respond to the opioid crisis, declared a public health emergency by the U.S. government
- Broadening the company?s portfolio of only-in-class medical countermeasures with the addition of NARCAN??(naloxone HCl) Nasal Spray, the only?FDA-approved nasal form of naloxone indicated for the emergency treatment of known or suspected opioid overdose
- Combining Emergent?s 20-year track record as a trusted partner to the Federal government with Adapt Pharma?s demonstrated success with state and local government and commercial channels
- Providing opportunity to further expand awareness and availability of this convenient, easy-to-administer life-saving treatment
- Enhancing Emergent?s product development pipeline with new treatment and delivery options to address opioid overdoses
- Expected to generate revenues of?$200 million to $220 million?and to be accretive to adjusted net income and EBITDA in 2019
- The company expects that, with the completion of this acquisition and the recently announced acquisition of PaxVax, it will achieve or exceed its growth plan goal of?$1 billion?in revenue in 2020
- Total consideration of up to?$735 million, consisting of an upfront payment of?$635 million?and up to?$100 million?in cash for potential sales-based milestones. Upfront payment of?$635 million?consists of?$575 million?in cash and?$60 million?in Emergent common stock, all of which are subject to certain adjustments.
- Company to conduct conference call on?August 28, 2018?at?5:00pm