Protein Sciences terminates agreement with Emergent BioSolutions

Protein Sciences company (PSC) has 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.

PSC has also said that it submitted a proposal for federal funding for a contract to develop recombinant seasonal and pandemic influenza vaccines from the Department of Health and Human Services. If the contract is awarded, PSC expects that the work and funding will be spread over a five-year period.

Daniel Adams, president and CEO of PSC, said: “Emergent’s blatant disregard for its contractual commitments is shocking. They continue to try to damage PSC with inappropriate and unauthorized contact to our customers and collaborators and appear to have launched an effort to disrupt the approval process for our biologics license application for FluBlok. Fortunately, we have loyal customers, collaborators and shareholders that remain very supportive of PSC and our management team.”