(ROCKVILLE, MD) November 13, 2009 MdBio Foundation, Inc., an affiliate of the Tech Council of Maryland (TCM), announced today that it has sold its BioProcessing Center a biotechnology manufacturing facility in East Baltimore to Emergent BioSolutions, Inc. for $7.85 million. Emergent is a Maryland-based biopharmaceutical company focused on the development, manufacture and commercialization of vaccines and therapeutics that assist the body's immune system to prevent or treat disease.
"This private-public partnership has helped create the kind of innovative, high-tech jobs that we need to keep in Maryland and in America. These jobs have the power to keep our economy growing, while unlocking new treatments and cures to diseases that will save and improve lives," Senator Barbara A. Mikulski (D-Md.) said.
"The transaction between MdBio and Emergent will maximize the value of the BioProcessing Center by maintaining a bio-manufacturing infrastructure for Maryland's bioscience community, by enabling additional investment to be made in the Center and by ensuring that high paying industry jobs will remain in Maryland," said Maryland Governor Martin O'Malley.
"With funds generated by the sale, MdBio will continue its crucial mission to promote and support the bioscience community throughout our state," said J.J. Finkelstein, chair of MdBio Foundation, Inc. and president and chief executive officer of RegeneRx Biopharmaceuticals, Inc. "The Foundation's scholarship and educational programs, as well as its business advisory services, have been exceptionally well received by the bioscience community. We look forward to continuing these innovative programs and help make Maryland one of the premiere bioscience communities in the world."
"The State of Maryland and the City of Baltimore were instrumental in providing assistance to finalize this transaction, and MdBio wishes to thank them for their efforts," added Mr. Finkelstein.
ABOUT THE TECH COUNCIL OF MARYLAND, INC.
The Tech Council of Maryland (TCM) is the largest technology trade group serving the advanced technology and biotechnology communities of Maryland. TCM's mission is to advocate for the interests of the technology community, further the role of technology in the Maryland economy, and nurture an environment where technology companies can collaborate, grow and succeed. For more information, visit www.techcouncilmd.com.