Trubion Pharmaceuticals, Inc. has signed an agreement to be acquired by Emergent BioSolutions, Inc. for approximately $96.8 million. Trubion stockholders will also receive one Contingent Value Right (CVR) per share, which will entitle the holder to receive cash payments based on the achievement of predefined milestones. The milestone payments could potentially reach $38.7 million over a 36-month period after closing, bringing the total price to as much as $135.5 million. The transaction is expected to close in 4Q10.

Emergent will maintain research facilities in Seattle following the acquisition, and the location will be a therapeutics-focused product development site for the combined company.

Fuad El-Hibri, chairman of the board of directors and chief executive officer of Emergent BioSolutions, stated, “This acquisition strengthens Emergent’s biologics capabilities in two key aspects. First, it diversifies our product pipeline beyond infectious diseases into oncology and autoimmunity. And, second, it broadens our monoclonal antibody therapeutic capabilities. Emergent’s stable vaccine franchise, substantial capital resources, and expertise in biologics manufacturing and product development combined with Trubion’s world-class therapeutic platform technologies and clinical-stage development programs should translate into significant value over the near and long term.”