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Emergent BioSolutions raises $250mm via debt sale to fund purchase of Cangene

Executive Summary

To fund its recently announced acquisition of Apotex Inc.’s Cangene Corp., vaccines developer Emergent BioSolutions Inc. raised $250mm (including the overallotment) through the sale of 2.875% seven-year convertible senior notes. Emergent originally thought it would sell $200mm in debt. The debt converts at 30.8821 common per $1k principal amount of notes, equating to $32.38 per share. (The company's stock is averaging $25.50.)
Deal Industry
  • Biotechnology
    • Drug Discovery Tools
      • Genomics-Proteomics
    • Large Molecule
      • Antibodies
  • Pharmaceuticals
    • Vaccines
Deal Status
  • Final
Deal Type
  • Financing
    • Private Placement
    • Convertible Debt

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