WINNIPEG -- 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.
"This compelling transaction is a reflection of our employees' hard work and the quality and success of our business," president and CEO John Sedor said Wednesday in announcing the deal.
"Over the last few years, our team has transformed Cangene into an exceptional specialty biopharmaceutical company and biodefence leader, as demonstrated by our recent product approvals and biodefence contracts."
-- The Canadian Press