Emergent BioSolutions completes sale of RSDL Kit to SERB for $75M

Emergent BioSolutions announced the sale of RSDL kit to SERB Pharmaceuticals for a purchase price of approximately $75 million. In addition, SERB will pay Emergent a $5 million payment upon achievement of a milestone related to the sourcing of a certain component of RSDL. The transaction has signed and closed simultaneously. In addition, SERB will acquire and maintain operations of Emergent’s leased manufacturing facility in Hattiesburg, Mississippi, and several site-based employees who support RSDL will join SERB. SERB will also acquire the RSDL product inventory as part of the transaction and will assume certain related contracts. Emergent’s Winnipeg facility will continue to manufacture and supply bulk lotion to SERB under a long-term supply agreement between the two companies. This transaction follows Emergent’s announcement to sell its drug product facility in Baltimore-Camden, as well as operational changes, which are key actions in its multi-year plan. The net proceeds from the sale of RSDL and the Baltimore-Camden facility will reduce or eliminate the Junior Capital Raise requirements under Emergent’s amended credit facility, a requirement that was recently extended to September 29, 2024.