SEATTLE (AP) — The planned buyout of Trubion Pharmaceuticals Inc. by Emergent BioSolutions Inc. cleared a regulatory hurdle Wednesday, bringing the deal, potentially worth $135.5 million, closer to closing.
The Department of Justice and Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act for the acquisition, Trubion said.
The buyout still needs approval from Trubion shareholders before Rockville, Md.-based Emergent can complete the deal.
Emergent said last month it would buy Seattle-based Trubion, aiming to diversify its pipeline of drugs in development by providing potential treatments in oncology and autoimmunity.
Under the agreement, each Trubion share will be converted into the right to receive $1.36 per share in cash and 0.1641 shares of Emergent BioSolutions stock.
Emergent will provide an upfront payment of $96.8 million and up to $38.7 million in milestone payments.