Emergent BioSolutions draws on credit facility for PaxVax purchase

By Wendy Van Sickle

Columbus, Ohio, Oct. 5 – Emergent BioSolutions Inc. drew down $100 million on Thursday under its credit facility entered in October 2017 to fund part of the consideration of its purchase of PaxVax Holding Co. Ltd., according to an 8-K filing with the Securities and Exchange Commission.

Emergent also used cash on hand to fund the total $270 million purchase price of the Redwood, Calif.-based developer and manufacturer of vaccines.

Wells Fargo Bank, NA is the administrative agent of the credit agreement.

Emergent is a specialty pharmaceutical company based in Rockville, Md.

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