Emergent BioSolutions, Inc. (NYSE:EBS) agreed to spin-off Biosciences Business on July 29, 2015.The distribution ratio is 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 new Biosciences company will be named later on. Emergent will maintain its headquarters in Gaithersburg, Maryland and other facilities as well. Emergent expects to provide the new company with a fixed cash contribution of $50 million to $70 million. Emergent and the new company will have separate management teams and boards of directors. Daniel J. Abdun-Nabi will remain President and Chief Executive Officer and Robert G. Kramer will remain Executive Vice President and Chief Financial Officer of Emergent. Fuad El-Hibri will remain Executive Chairman of the Board of Directors. Marvin L. White will serve as President and Chief Executive Officer of the new Biosciences company after the completion of the transaction. The Aptevo Therapeutics Board of Directors is intended to be comprised of seven directors, four of whom are expected to qualify as independent directors upon the spin-off including Fuad El-Hibri, Marvin L. White, Daniel J. Abdun-Nabi, Grady Grant, III, Zsolt Harsanyi, Barbara Lopez Kunz and John E. Niederhuber. Emergent will continue to be listed on the New York Stock Exchange under its existing symbol "EBS." The transaction is subject to the approval of Board of Directors of Emergent, receipt of a favorable opinion from Wilmer Cutler Pickering Hale and Dorr LLP and private letter ruling from the Internal Revenue Service, execution of inter-company agreements, ancillary agreements by Emergent and the new company, approval by government and the effectiveness of the Form 10 registration statement. The transaction will not require the approval of Emergent's shareholders. As of April 15, 2016, Emergent BioSolutions filed Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The transaction is expected to be completed by the middle of 2016. Other details of stock distribution ratio and stock exchange wherein the shares of the new company will be floated will be determined later on. The name of the new company is Aptevo Therapeutics. On January 21, 2016, Emergent announced the anticipated executive management team of Aptevo Therapeutics. Members of the Aptevo executive management team will be appointed to their positions effective upon completion of the tax-free spin-off of Aptevo. Emergent BioSolutions Inc.'s Board of Directors approved the spin-off on July 10, 2016. Emergent BioSolutions expects to complete the distribution of Aptevo Therapeutics common stock to Emergent BioSolutions stockholders on August 1, 2016. As on July 20, 2016, Aptevo Therapeutics Inc. started trading on Nasdaq with the ticker APVO.

J.P. Morgan Securities LLC acted as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Emergent BioSolutions, Inc. (NYSE:EBS).

Emergent BioSolutions, Inc. (NYSE:EBS) completed the spin-off of Aptevo Therapeutics Inc. (NasdaqGS:APVO.V) for approximately $85.9 million on August 1, 2016.