Emergent inks $225M cash smallpox deal as Chimerix implodes on reorg, FDA trouble
Emergent BioSolutions has made a name for itself ever since the late 1990s by making drugs that are needed by the US government. Monday, it took that a step further, as it entered a deal with Chimerix to acquire the exclusive rights to Tembexa, a smallpox treatment for all ages that was approved in 2021, with a $225 million cash payment.
The pickup comes just as Chimerix released its Q1 earnings report, in which CEO Mike Sherman said that the company is dropping investment in another program while circling its wagons around the lead drug after hopes for an accelerated approval were damaged by regulators. And that will set up a pivotal trial in advance of any expected approval — news that sent investors running for the hills as its stock $CMRX plunged 60%.
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