EBS - Emergent BioSolutions to cut 400 jobs streamline operations

2023-08-08 08:05:12 ET

• Emergent BioSolutions ( NYSE: EBS ) Tuesday said it was reducing investment in its CDMO services business, and would lay off of about 400 employees across all areas of the company.
• As a result, Emergent would also cut operations at its Bayview facility in Baltimore, Maryland.
• The move is expected to improve operational efficiencies and deliver annual cost savings over $100 million annually.
• Additionally, Emergent will reduce operations at its facility in Canton, Massachusetts, in response to changes in the volume of U.S. government procurements of medical countermeasures.
• This action will also result in a small reduction in operations at the company’s Rockville, Maryland, drug product facility.
• Going forward, Emergent will focus on its core products business – medical countermeasures and NARCAN Nasal Spray –and on delivering for its existing customers, including the U.S. and allied governments.
• Emergent will maintain a level of operations at both Bayview and Canton to ramp up production in response to new demand.
• As a result of the strategic shift away from Emergent’s services business, the company is eliminating the chief operating officer role.
• EBS -0.27% premarket to $7.38
• Source: Press Release

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