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Emergent BioSolutions, Inc.

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Emergent boasts of a portfolio of medical countermeasures for biological and chemical threats as well as emerging infectious diseases. BioThrax is the key product at the company’s Biodefense segment and the U.S. government is the primary purchaser of its Biodefense products. The CDC has exercised an option to procure all the remaining doses of BioThrax, which is a positive for the company. Meanwhile, Emergent has secured a multi-year contract worth about $1.6 billion with the BARDA, for the advanced development and delivery of the company’s next generation anthrax vaccine candidate, NuThrax. FDA could approve NuThrax for emergency use as early as 2018, thereby resulting in deliveries to the SNS beginning in 2019. Further, we are positive on the company’s spin-off of its Biosciences business which would trim its cost structure. However, the company’s sole dependence on BioThrax for revenues is concerning.

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