SEC Comment Letter for Emergent BioSolutions Inc. (EBS) (CIK 0001367644) (EBS) — Dec 1, 2008
Emergent BioSolutions Inc. (EBS) (CIK 0001367644)
Date: Dec. 1, 2008 · CIK: 0001367644 · Accession: 0000000000-08-059033
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File numbers found in text: 333-155311
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Mail Stop 6010
December 1, 2008
Fuad El-Hibri Chief Executive Officer Emergent BioSolutions Inc. 2273 Research Boulevard, Suite 400 Rockville, MD 20850
Re: Emergent BioSolutions Inc.
Registration Statement on Form S-3
Filed November 12, 2008
File No. 333-155311
Dear Mr. El-Hibri:
We have limited our review of your filing to those issues we have addressed in
our comments. Where indicated, we think you should revise your document in response
to these comments. If you disagree, we w ill consider your explanation as to why our
comment is inapplicable or a revision is unneces sary. Please be as detailed as necessary
in your explanation. In some of our comme nts, we may ask you to provide us with
information so we may better understand your disclosure. After reviewing this
information, we may raise additional comments.
Please understand that the purpose of our re view process is to assist you in your
compliance with the applicable disclosure requirements and to enhance the overall
disclosure in your filing. We look forward to working with you in these respects. We
welcome any questions you may have about our comments or any other aspect of our
review. Feel free to call us at the telephone numbers listed at the end of this letter.
General
1. We note that your registration statement doe s not disclose details of the private
placement transaction(s) in which the sh ares you now seek to register were
initially sold. Please revise the disclosu re in your Form S-3 to include a complete
description of those privat e placement transaction(s).
2. We note the selling shareholders are the beneficial owners of approximately 47%
of the company’s outstanding shares of common stock. Give n the beneficial
ownership of the selling shareholders and th e fact that the selling shareholders are
affiliates of the company, it appears that the transaction may be considered to be a primary offering. Please tell us your ba sis for determining the transaction is
appropriately characterized as a transaction that is eligible to be made under Rule
415(a)(1)(i). See Telephone Interpretati ons Manual Interpretation D.29. Please
include in this analysis your basis for determining that each affiliated selling
shareholder is not an underwriter. Pl ease provide a separate analysis for each
affiliated selling shareholder.
* * *
As appropriate, please amend your regist ration statement in response to these
comments. You may wish to provide us w ith marked copies of the amendment to
expedite our review. Please furnish a cove r letter with your amendment that keys your
responses to our comments and provides any requested information. Detailed cover
letters greatly facilitate our review. Please understand that we may have additional comments after reviewing your amendmen t and responses to our comments.
We urge all persons who are responsible for the accuracy and adequacy of the
disclosure in the filing to be certain that the filing includes all in formation required under
the Securities Act of 1933 and that they have provided all information investors require
for an informed investment decision. Since the company and its management are in possession of all facts relating to a company’ s disclosure, they are responsible for the
accuracy and adequacy of the disclosures they have made.
Notwithstanding our comments, in the even t the company requests acceleration of
the effective date of the pending registration statement, it should furnish a letter, at the
time of such request , acknowledging that:
should the Commission or the staff, acting purs uant to delegated authority, declare the
filing effective, it does not foreclose th e Commission from taking any action with
respect to the filing;
the action of the Commission or the staff, acting pursuant to delegated authority, in
declaring the filing effective, does not relieve the company from its full responsibility
for the adequacy and accuracy of the disclosure in the filing; and
the company may not assert staff comments a nd the declaration of effectiveness as a
defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
In addition, please be advi sed that the Division of En forcement has access to all
information you provide to the staff of the Di vision of Corporation Finance in connection
with our review of your filing or in response to our comments on your filing.
We will consider a written request for acceleration of the effective date of the
registration statement as conf irmation of the fact that t hose requesting acceleration are
aware of their respective re sponsibilities under the S ecurities Act of 1933 and the
Securities Exchange Act of 1934 as they rela te to the proposed public offering of the
securities specified in the above registration statement. We will act on the request and,
pursuant to delegated authority, grant acce leration of the effective date.
We direct your attention to Rules 46 0 and 461 regarding requesting acceleration
of a registration statement. Please allow ad equate time after the filing of any amendment
for further review before submitting a request for acceleration. Please provide this request at least two business days in a dvance of the requested effective date.
Please contact Mike Rosenthall at (2 02) 551-3674 or myself at (202) 551-3715
with any questions.
S i n c e r e l y , J e f f r e y R i e d l e r
Assistant Director
cc: Brian A. Johnson, Esq. Wilmer Cutler Pickering Hale and Dorr LLP 399 Park Avenue New York, NY 10022 Fax: 212-230-8888 Denise Esposito, Esq.
Senior Vice President, Legal Affa irs, General Counsel and Secretary
Emergent BioSolutions Inc. 2273 Research Boulevard, Suite 400
Rockville, MD 20850 Fax: 301-795-1899