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Sep 26, 2007

DHHS Awards $448M Anthrax Contract to Emergent BioSolutions

  • Emergent BioSolutions signed a three-year contract that could total almost $448 million related to the purchase of its antrax vaccine.

    The U.S. Department of Health and Human Services (DHHS) will purchase 18.75 million doses of BioThrax through September 2010 for $400 million. If the FDA approves the BLA to extend the vaccine’s shelf life from three to four years, the company will receive a lump sum payment of approximately $34 million.

    DHHS will also provide up to $11.5 million to help Emergent expand the use of BioThrax. Currently the vaccine is indicated as a pre-exposure prophylaxis. If the company wins the PEP indication, BioThrax will be administered in combination with antibiotics following exposure.

    These funds are payable upon the company's achievement of specific program milestones. The company anticipates that it will receive $8.8 million in the fourth quarter of 2007.

    In addition, Emergent has agreed to provide all shipping services related to delivery of doses into the strategic national stockpile over the contract term and will receive payment of an additional $2.2 million.

    The company anticipates making deliveries for approximately six million doses by the end of this year. As a result, the company reaffirms its expectation for full year total revenue growth of 10–15%, with a bias toward the upper end of the range, and full year positive net earnings.

    Previously, Emergent BioSolutions provided 10 million doses of BioThrax to DHHS for inclusion in the strategic national stockpile under a May 2005 supply agreement for five million doses valued at $123 million and a May 2006 contract modification for an additional five million doses valued at $120 million.



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