Dechert Advises Cerberus and PaxVax on Sale of PaxVax to Emergent BioSolutions

Dechert LLP is advising Cerberus Capital Management, L.P. (“Cerberus”) and PaxVax Global, L.P., which is majority-owned by investment funds and accounts affiliated with Cerberus, in connection with the sale of PaxVax Holding Company Ltd. and its subsidiaries, a specialty vaccine company, to Emergent BioSolutions Inc. (NYSE: EBS). The all-cash purchase price for the cross-border transaction is US$270 million, subject to customary closing conditions (including U.S., Spanish and Portuguese antitrust regulatory approval).

Cerberus Capital Management is one of the world’s leading private investment firms, with approximately $34 billion in assets across complementary credit, private equity, and real estate strategies.

The cross-border Dechert team spanned North American and European offices and was led by New York-based corporate partners Mark Thierfelder and Gareth Clark. The team included tax partners Steven Clemens and Jane Scobie, intellectual property partners Thomas Rayski and Carl Morales, finance partner Scott Zimmerman, corporate partner David Schulman, antitrust partners James Fishkin and Clemens York, employee benefits and executive compensation partner Eric Rubin, labor partner Jeffrey Rubin, environmental partner Abbi Cohen, litigation partner Neil Steiner, and international trade partner Jeremy Zucker. Additional support came from real estate counsel Francois Quintard-Morenas, corporate associates Aaron Suh, Gillian Teo, Suji Han, Mihai Morar, John Stanley and Jamal Tuhin; tax associates George Davis, Daniel Hawthorne and Nicholas Kokkinos; intellectual property associate Blaine Hackman; employee benefits and executive compensation associates Daniel O‘Neil, Sarah Burke and Michael Binko; antitrust/competition associates Beverly Ang and Michael Okkonen; labor associate Rhiannon DiClemente; litigation associate Paul Kingsbery; and international trade associates Darshak Dholakia and Jacob Grubman.

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Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.