Emergent BioSolutions announces workforce reduction, closure of two facilities

Emergent BioSolutions announced the next phase of its new operational plan that consolidates operations, closes several manufacturing facilities, and restructures its enterprise workforce. Emergent will continue to focus on its core products business – medical countermeasures and Narcan Nasal Spray -and on delivering for its patients and customers, including the U.S. and allied governments. These strategic actions will lead to a reduction of approximately 300 employees across all areas of the company, and the elimination of approximately 85 positions that are currently vacant. In combination with other rationalizing initiatives, these actions are expected to result in annualized savings of approximately $80M when fully implemented. The costs associated with the restructuring plan are estimated to be approximately $18M-$21M and are expected to be primarily incurred in the second half of 2024. As part of the operational changes, Emergent will shut down both its Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility. Emergent will concentrate operations at sites in Winnipeg, Canada, and Lansing, Michigan, while the company actively explores strategic alternatives for its other sites throughout the year. As part of the reorganization, a new chief science officer role has been created and added to the executive management team, reporting to Papa.