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Emergent BioSolutions acquiring vaccine developer PaxVax

Emergent BioSolutions Inc. is acquiring PaxVax Corp., a specialty vaccines developer, for an all-cash consideration of $270 million.

On the closing of the deal, the Gaithersburg, Md.-based biotech will own Vivotif, a U.S. Food and Drug Administration-licensed oral vaccine for typhoid fever and Vaxchora, a U.S. FDA-licensed vaccine for a type of cholera.

Emergent BioSolutions will also acquire other vaccine candidates, including an adenovirus 4/7 vaccine candidate being developed for military personnel under contract with the U.S. Defense Department.

PaxVax, based in Redwood City, Calif., is majority owned by an affiliate of Cerberus Capital Management LP.

The deal is expected to close in the fourth quarter of 2018, subject to closing conditions, including antitrust approval.

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