Emergent BioSolutions’ $270 Million Acquisition of PaxVax

Covington & Burling LLP acted as legal counsel for Emergent. Dechert LLP acted as legal counsel for PaxVax and Cerberus, and Morgan Lewis & Bockius LLP acted as legal counsel for PaxVax.

Emergent BioSolutions Inc. (NYSE: EBS) 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 $270 million. PaxVax is majority owned by an affiliate of Cerberus Capital Management, L.P.

This transaction, which is subject to customary closing conditions, including antitrust regulatory approval, is expected to close in the fourth quarter of 2018.

Emergent BioSolutions Inc. operates as a global specialty biopharmaceutical company. The Company, led by Fuad El-Hibri, Daniel J Abdun-Nabi and Robert G Kramer Sr, develops, manufactures, and delivers a portfolio of medical countermeasures for biological and chemical threats as well as emerging infectious diseases. In 2017, Emergent BioSolutions Inc., recorded $560 Million Revenues.

The Covington team included Michael Riella (Picture), Catherine Dargan, and Joseph Gangitano (M&A); Denise Esposito and Allison Whelan (regulatory); Miranda Cole, James Dean, and James O’Connell (antitrust); Michael Francese (employment); Ansgar Simon and Daniel Luchsinger (tax); Amy Toro (life sciences); Heather Haberl (real estate); and Marie Lavalleye (intellectual property).

Dechert advised Cerberus Capital Management, L.P. and PaxVax Global, L.P. with Mark Thierfelder and Gareth Clark. The team included tax partners Steven Clemens and Jane Scobie, intellectual property partners Thomas Rayski and Carl Morales, finance partner Scott Zimmerman, corporate partner David Schulman, antitrust partners James Fishkin and Clemens York, employee benefits and executive compensation partner Eric Rubin, labor partner Jeffrey Rubin, environmental partner Abbi Cohen, litigation partner Neil Steiner, and international trade partner Jeremy Zucker. Additional support came from real estate counsel Francois Quintard-Morenas, corporate associates Aaron Suh, Gillian Teo, Suji Han, Mihai Morar, John Stanley and Jamal Tuhin; tax associates George Davis, Daniel Hawthorne and Nicholas Kokkinos; intellectual property associate Blaine Hackman; employee benefits and executive compensation associates Daniel O‘Neil, Sarah Burke and Michael Binko; antitrust/competition associates Beverly Ang and Michael Okkonen; labor associate Rhiannon DiClemente; litigation associate Paul Kingsbery; and international trade associates Darshak Dholakia and Jacob Grubman.

Involved fees earner: Michael Riella – Covington & Burling; Catherine Dargan – Covington & Burling; Joseph Gangitano – Covington & Burling; Denise Esposito – Covington & Burling; Allison Whelan – Covington & Burling; Amy Toro – Covington & Burling; Miranda Cole – Covington & Burling; James Dean – Covington & Burling; James O’Connell – Covington & Burling; Michael Francese – Covington & Burling; Ansgar Simon – Covington & Burling; Daniel Luchsinger – Covington & Burling; Heather Haberl – Covington & Burling; Marie Lavalleye – Covington & Burling; Mark Thierfelder – Dechert; Gareth Clark – Dechert; David Schulman – Dechert; Aaron Suh – Dechert; Gillian Teo – Dechert; Suji Han – Dechert; Mihai Morar – Dechert; John Stanley – Dechert; Jamal Tuhin – Dechert; Steven Clemens – Dechert; Jane Scobie – Dechert; George Davis – Dechert; Daniel Hawthorne – Dechert; Nicholas Kokkinos – Dechert; Thomas Rayski – Dechert; Carl Morales – Dechert; Blaine Hackman – Dechert; Scott Zimmerman – Dechert; James Fishkin – Dechert; Clemens York von Wartenburg – Dechert; Beverly Ang – Dechert; Michael Okkonen – Dechert; Eric Rubin – Dechert; Jeffrey Rubin – Dechert; Daniel O‘Neil – Dechert; Sarah Burke – Dechert; Michael Binko – Dechert; Rhiannon DiClemente – Dechert; Abbi Cohen – Dechert; Neil Steiner – Dechert; Paul Kingsbery – Dechert; Jeremy Zucker – Dechert; Darshak Dholakia – Dechert; Jacob Grubman – Dechert; Francois Quintard-Morenas – Dechert;

Law Firms: Covington & Burling; Dechert;

Clients: Cerberus; PaxVax; Emergent BioSolutions;

Author: Ambrogio Visconti