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Emergent BioSolutions Cuts 300 Jobs and Closes Facilities
https://www.whatjobs.com/news/usa/us-employment-news/emergent-biosolutions-cuts-300-jobs-and-closes-facilities
By Nithya Bose in Business News, posted May 2, 2024
Emergent BioSolutions is closing several manufacturing facilities and cutting hundreds of jobs to focus on its core products, particularly Narcan nasal spray.
The Gaithersburg, Maryland-based company said this restructuring would eliminate nearly 300 positions and close to 85 open roles.
The biotech company shutters its Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility.
It’ll centralize operations in Winnipeg, Manitoba, and Lansing, Michigan.
Additionally, alternatives for other sites are being explored.
Emergent BioSolutions will focus on its core product businesses, including medical countermeasures and Narcan nasal spray, widely recognized for reversing opioid overdoses.
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The restructuring announcement coincides with the company's shift to profitability in the first quarter, driven by a sharp increase in sales exceeding previous guidance.
The restructuring is projected to save about $80 million annually once fully implemented.
However, it will cost between $18 million and $21 million, with most of this cost being incurred in the second half of this year.
Emergent BioSolutions has also created a new Chief Science Officer role and expanded its executive management team, reporting directly to CEO Joe Papa.
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