ROCKVILLE, Md.--(BUSINESS WIRE)--Dec. 21, 2011--
Emergent BioSolutions Inc. (NYSE: EBS) announced today that Fuad
El-Hibri will retire as CEO effective April 1, 2012. Mr. El-Hibri will
continue to serve as Executive Chairman of the Board of Directors and
will focus on corporate strategy as well as merger and acquisition
opportunities for the Company. Daniel J. Abdun-Nabi, currently President
and Chief Operating Officer since 2008, will become President and Chief
Executive Officer on April 1, 2012.
Mr. El-Hibri has been Chairman and CEO of Emergent since the Company’s
founding in 1998. Under his leadership, Emergent has grown into a $600
million biopharmaceutical company with a marketed product generating
significant annual cash flow, two value creating businesses focused on
three prominent disease areas, eight clinical stage product development
programs, and a nine year track record of financial performance.
Commenting on this transition, El-Hibri said, “I am proud of the many
achievements Emergent has made over the last 13 years. I believe that it
is time for the Company to continue to grow under the leadership of Dan
Abdun-Nabi. Dan will assume the role of CEO effective April 1, 2012, as
well as continue in his role as President. Dan and I have worked closely
together for six years, in which time he has proven to be an
accomplished leader with an extraordinary capacity to act both
decisively and strategically in the Company’s best interests. As Chief
Operating Officer, Dan has gained an extensive and thorough knowledge of
all aspects of the Company’s operations, making him uniquely qualified
to take on this role. The Board of Directors and I have every confidence
in his ability to continue to drive the Company’s growth.”
Mr. Abdun-Nabi said, “Fuad has been a valuable and effective leader of
this organization and a good friend to me, and we are all pleased he
will continue to contribute as the Executive Chairman. I look forward to
leading Emergent BioSolutions as we continue to strengthen our core
business, advance our pipeline, build shareholder value, and fulfill our
mission – to protect life.”
About Emergent BioSolutions Inc.
Emergent BioSolutions protects and enhances life by developing and
manufacturing vaccines and therapeutics that are supplied to healthcare
providers and purchasers for use in preventing and treating disease.
Emergent’s marketed and investigational products target infectious
diseases, oncology and autoimmune disorders. Additional information
about the Company may be found at www.emergentbiosolutions.com.
Safe Harbor Statement
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements other than statements of historical fact, including
statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and
objectives of management, including any potential future securities
offering, our expected revenue and net earnings for 2011, and any other
statements containing the words "believes", "expects", "anticipates",
"plans", "estimates" and similar expressions, are forward-looking
statements. Such statements are based upon the current beliefs and
expectations of management that are subject to risks, uncertainties and
other important factors that could cause the Company's actual results to
differ materially from those indicated by such forward-looking
statements, including appropriations for BioThrax®
procurement; our ability to obtain new BioThrax® sales
contracts or modifications to existing contracts; our plans to pursue
label expansions and improvements for BioThrax®; our ability
to perform under our current development contracts with the U.S.
government; our plans to expand our manufacturing facilities and
capabilities, including our ability to develop and obtain regulatory
approval for large-scale manufacturing of BioThrax® in our
large-scale vaccine manufacturing facility in Lansing, Michigan; the
rate and degree of market acceptance of our products and product
candidates; the success of preclinical studies and clinical trials of
our product candidates and post-approval clinical utility of our
products; the potential benefits of our existing collaborations and our
ability to selectively enter into additional collaborative arrangements;
the extent to which our licensing and acquisition activities are
complementary to the Company or whether anticipated synergies and
benefits are realized within expected time periods; our ability to
identify and acquire or in-license products and product candidates that
satisfy our selection criteria; ongoing and planned development
programs, preclinical studies and clinical trials; the timing of and our
ability to obtain and maintain regulatory approvals for our product
candidates; our commercialization, marketing and manufacturing
capabilities and strategy; our estimates regarding expenses, future
revenue, capital requirements and needs for additional financing; and
other factors identified in the Company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2011 and subsequent reports filed
with the SEC. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release.
Source: Emergent BioSolutions Inc.
Emergent BioSolutions Inc.
Investor Contact:
Robert G.
Burrows
Vice President, Investor Relations
301-795-1877
BurrowsR@ebsi.com
or
Media
Contact:
Tracey Schmitt
Vice President, Corporate
Communications
301-795-1800
SchmittT@ebsi.com
