OREANDA-NEWS. Emergent BioSolutions Inc. (NYSE:EBS) announced today that, on July 10, 2016, its Board of Directors approved the spin-off of Aptevo Therapeutics Inc. and declared a dividend distribution of one share of Aptevo common stock for every two shares of Emergent common stock outstanding as of the close of business on July 22, 2016, the record date for the distribution. Emergent expects to complete the distribution of Aptevo common stock to Emergent stockholders on August 1, 2016.

Daniel J. Abdun-Nabi, president and chief executive officer of Emergent BioSolutions said, “This announcement marks an important milestone towards the creation of two stand-alone, publicly-traded companies that share a strong foundation of providing healthcare products that protect and enhance lives. Emergent and Aptevo are excited about the opportunities awaiting both companies and their respective stockholders following completion of the spin-off.”

No action or payment is required of Emergent stockholders to receive Aptevo shares. An information statement containing details of the spin-off and important information about Aptevo will be mailed to Emergent stockholders prior to the distribution date.

Trading of Emergent and Aptevo Common Stock
There is currently no market for Aptevo common stock. Aptevo expects its common stock to begin trading on a “when issued” basis shortly before the July 22, 2016 record date under the ticker “APVO WI.” “When issued” trading of Aptevo common stock will continue until the distribution occurs and will settle after the completion of the distribution. Aptevo has applied for listing on the NASDAQ Global Market. On August 1, 2016, Aptevo common stock is expected to begin “regular way” trading on NASDAQ under the symbol “APVO.”

Emergent will continue to trade on the New York Stock Exchange under the ticker symbol “EBS.” Beginning on or around the record date and continuing up to the distribution date, it is anticipated that there will be two ways to trade Emergent common stock – either with or without the right to receive shares of Aptevo common stock in the spin-off distribution.

Stockholders who sell their shares of Emergent common stock in the “regular way” market, which is the normal trading market on the NYSE under the symbol “EBS,” after the record date and prior to the distribution date, will be selling their right to receive shares of Aptevo common stock in connection with the spin-off.

An ex-distribution market for EBS common stock is expected to start on July 21, 2016, assuming that APVO “when issued” trading commences on July 20, 2016. Stockholders may trade their shares of Emergent common stock ex-distribution, that is, without the right to receive the shares of Aptevo common stock in the distribution, prior to the distribution date.

The completion of the spin-off is subject to the satisfaction or waiver of a number of conditions, including Aptevo’s Registration Statement on Form 10 being declared effective by the U.S. Securities and Exchange Commission, Aptevo’s common stock being accepted for listing on NASDAQ, and the receipt of an opinion from Emergent’s third-party tax advisor confirming the tax-free nature of the spin-off transaction.

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.