PaxVax Changes Hands Again

PaxVax Changes Hands Again

Specialty vaccine maker PaxVax Inc. has changed owners again, more than doubling its equity value in two and a half years. The Redwood City, California-based company was acquired by Cerberus Capital Management in December 2015 for $105 million from Ignition Growth Capital and other investors. The sellers retained a minority stake, while Cerberus took the majority. In August, the company was sold to Emergent BioSolutions Inc. (NYSE: EBS), which develops and commercializes specialty products for use in biodefense and commercial markets. Emergent paid $270 million, 3.4x revenue, based on statements that the target’s 2019 revenues are expected to be between $70 million and $90 million.... Read More »