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Protein Sciences Corporation
Protein Sciences Announces Termination of Deal to Sell to Emergent BioSolutions
August 13th, 2008
Protein Sciences Corporation ("PSC") announced that the sale of its business under an Asset Purchase Agreement between PSC and Emergent BioSolutions, Inc. (NYSE:EBS) and its affiliate (collectively "Emergent") has been terminated by PSC due to breaches by Emergent. PSC cited multiple breaches by Emergent including disclosure and mischaracterization of PSC's material confidential information obtained from PSC during due diligence and Emergent's failure to fulfill its obligation to provide adequate funding to PSC. Daniel D. Adams, President and CEO, said, "Emergent's blatant disregard for its contractual commitments is shocking. They continue to try to damage PSC with...
Source: Vaccine Weekly (2008-08-13)
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