(Released 10 January 2016) Gaithersburg, MD - Emergent BioSolutions Inc. (NYSE:EBS) announced today that it has received a favorable private letter ruling from the Internal Revenue Service related to the planned spin-off of its biosciences business. Subject to its terms, the ruling confirms that certain aspects of the planned transaction, including those related to the qualification of the business as an active trade or business, will not preclude the spin-off from qualifying as tax-free to Emergent and its stockholders.
Daniel J. Abdun-Nabi, President and Chief Executive Officer of Emergent BioSolutions stated, “Since announcing our intention to pursue a tax-free spin-off of our biosciences business last August, we have chosen Aptevo Therapeutics Inc. as the new company’s name,entified its board of directors, and now received a favorable IRS ruling. These are significant milestones towards completing the spin-off. Our next steps include selecting the Aptevo senior management team, filing with and obtaining clearance from the Securities and Exchange Commission of a Form 10 Registration Statement, and completing the distribution of Aptevo shares to our stockholders, which we expect to be completed by the middle of 2016.”
About Emergent BioSolutions Emergent BioSolutions is a global specialty biopharmaceutical company dedicated to one simple mission—to protect and enhance life. We develop, manufacture, and deliver a portfolio of medical countermeasures for biological and chemical threats as well as emerging infectious diseases. We also develop and commercialize therapeutics and other specialty products for hospitals and clinics in the areas of hematology/oncology, transplantation, infectious diseases and autoimmune disorders. Through our work, we envision protecting and enhancing 50 million lives with our products by 2025. Additional information about the company may be found at www.emergentbiosolutions.com. Follow us @emergentbiosolu.