Emergent BioSolutions Inc. completed the acquisition of Adapt Pharma Ltd., maker of emergency opioid overdose treatment Narcan.
Narcan is a U.S. Food and Drug Administration-approved nasal spray version of naloxone, used to reverse opioid overdose.
The deal has a total consideration of up to $735 million. Gaithersburg, Md.-based Emergent paid $635 million at closing, comprising $60 million in Emergent common stock and $575 million in cash. Up to $100 million in cash will be paid out based on sales milestones through 2022.
Emergent will fund the deal through a combination of cash-on-hand and new $1.05 billion syndicated senior secured credit facilities.
About 50 employees — located in the U.S., Canada and Ireland — of Dublin-based Adapt Pharma will now join Emergent.
Emergent makes drugs for biohazards and public health threats including anthrax and botulism.