---
schema_version: "secwatch.filing_event.v1"
accession: "0001367644-23-000021"
form_type: "8-K"
ticker: "EBS"
cik: "0001367644"
company_name: "Emergent BioSolutions Inc."
filed_at: "2023-02-15T23:59:59+00:00"
generated_at: "2026-06-19T10:51:32.843014+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Emergent BioSolutions sells travel health business to Bavarian Nordic for up to $380M

## Summary
- Upfront cash $270M at close; potential milestones up to $80M (CHIKV VLP development) and $30M (2026 net sales of Vaxchora/Vivotif).
- Assets sold: Vivotif, Vaxchora, CHIKV VLP, Bern manufacturing site, San Diego facilities; ~280 employees to join Bavarian Nordic.
- Transaction expected to close Q2 2023, subject to HSR, Spanish competition, and Swiss real property approvals.
- Credit agreement amended: lenders consent to sale; limited waiver of financial covenants for Q4 2022/Q1 2023 and going concern until April 17, 2023.
- Divestiture sharpens focus on medical countermeasures (ACAM2000, TEMBEXA, NARCAN) and contract manufacturing services.

## SEC filing metadata
- accession: 0001367644-23-000021
- form_type: 8-K
- ticker: EBS
- cik: 0001367644
- company_name: Emergent BioSolutions Inc.
- filed_at: 2023-02-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1367644/000136764423000021/0001367644-23-000021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1367644/000136764423000021/ebs-20230215.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001367644-23-000021
- JSON: https://secwatch.observer/filing/0001367644-23-000021.json
- Plain text: https://secwatch.observer/filing/0001367644-23-000021.txt

## Key facts
- Material Agreements
  Emergent BioSolutions Inc. entered into Purchase and Sale Agreement with Bavarian Nordic valued at Cash purchase price of $270 million, milestone payments of up to $80 million, and earnout payments o (effective 2023-02-15).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Bavarian Nordic
  - Value: Cash purchase price of $270 million, milestone payments of up to $80 million, and earnout payments o
  - Effective: 2023-02-15
  source text: On February 15, 2023, Emergent BioSolutions Inc. (“Emergent”), through its wholly owned subsidiaries Emergent International Inc. and Emergent Travel Health Inc. (collectively the “Company”) entered into a Purchase and Sale Agreement (the “Definitive Agreement”) with Bavarian Nordic (“Bavarian”) for the sale of the Company’s travel health business (the “Business”), including rights to Vivotif®, the licensed typhoid vaccine, Vaxchora®, the licensed cholera vaccine, the development-stage chikungunya vaccine candidate CHIKV VLP, the Company’s manufacturing site in Bern, Switzerland and certain of its development facilities in San Diego, California (collectively, the “Business Sale”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1367644/000136764423000021/0001367644-23-000021-index.htm
- Material Agreements
  Emergent BioSolutions Inc. entered into Consent, Limited Waiver, and Third Amendment to the Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and certain lenders valued at Consent to Business Sale; limited waiver of defaults related to financial covenants and going concer (effective 2023-02-14).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association, as administrative agent, and certain lenders
  - Value: Consent to Business Sale; limited waiver of defaults related to financial covenants and going concer
  - Effective: 2023-02-14
  source text: On February 14, 2023, the Company entered into a Consent, Limited Waiver, and Third Amendment to the Amended and Restated Credit Agreement (the “Credit Agreement Amendment”) among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), and certain lenders party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1367644/000136764423000021/0001367644-23-000021-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.