Emergent BioSolutions Signs Long-Term Manufacturing Agreement With ProMetic Life Sciences Inc.
GAITHERSBURG, Md., May 19, 2015 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE:EBS) today announced that it has signed a strategic long-term manufacturing agreement with ProMetic Life Sciences Inc. This agreement provides ProMetic access to Emergent's cGMP FDA-licensed biopharmaceuticals facility located in Winnipeg, Manitoba, Canada.
"Emergent is pleased to enter into this agreement, which reflects our leading capabilities in plasma fractionation and fits perfectly with ProMetic's proprietary plasma purification platform," said Barry Labinger, Executive Vice President and President, Biosciences Division at Emergent BioSolutions. "With this agreement, Emergent has created a revenue stream with significant future growth opportunities based on our manufacturing expertise, which utilizes excess manufacturing capacity and assets that we acquired and successfully integrated from our acquisition of Cangene Corporation. We look forward to working with ProMetic in support of their efforts to develop plasma-derived biopharmaceuticals and in generating and growing a new source of revenue for Emergent."
ProMetic will commence transferring its technology and manufacturing process into Emergent's Winnipeg facility as soon as possible, followed by the scale-up and manufacture by Emergent of cGMP biopharmaceuticals to enable ProMetic to pursue additional IND filings.
Under the terms of this manufacturing agreement, ProMetic is obligated to purchase at least C$4 million of capacity in the first full contract year. The minimum order amount increases over the 15-year life of the contract. The aggregate total of the minimum fees over the life of the contract is in excess of C$100 million. The agreement also provides flexibility to the parties in the event services in excess of the minimum are requested by ProMetic. These services will be charged on an as-used basis.
About Emergent BioSolutions Inc.
Emergent BioSolutions is a global specialty biopharmaceutical company seeking to protect and enhance life by offering specialized products to healthcare providers and governments to address medical needs and emerging health threats. Additional information about the company may be found at www.emergentbiosolutions.com. Follow us @emergentbiosolu.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including statements regarding revenue growth opportunities, and any other statements containing the words "believes", "expects", "anticipates", "intends", "plans", "forecasts", "estimates" and similar expressions in conjunction with, among other things, growth strategy, manufacturing capabilities or product development are forward-looking statements. These forward-looking statements are based on our current intentions, beliefs and expectations regarding future events. We cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake to update any forward-looking statement to reflect new information, events or circumstances. There are a number of important factors that could cause the company's actual results to differ materially from those indicated by such forward-looking statements, including our ability to successfully execute our growth strategy and achieve our financial and operational goals; our ability and plans to expand our manufacturing facilities and capabilities; our ability and the ability of our contractors and suppliers to maintain compliance with cGMP and other regulatory obligations; and the results of regulatory inspections. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. Investors should consider this cautionary statement, as well as the risk factors identified in our periodic reports filed with the SEC, when evaluating our forward-looking statements.
CONTACT: Investor Contact: Robert G. Burrows Vice President, Investor Relations 240-631-3280 BurrowsR@ebsi.com Media Contact: Tracey Schmitt Vice President, Global Public Affairs and Corporate Responsibility 240-631-3394 SchmittT@ebsi.com
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