Emergent to shut facilities and lay off workers as part of new CEO’s roadmap
Newly appointed CEO Joe Papa outlined his vision for Emergent BioSolutions, which includes winding down two facilities and laying off 300 employees to save $80 million.
According to an AlphaSense transcript on Wednesday’s first-quarter earnings call, Papa said that going forward, the company will focus on its core products such as growing its over-the-counter opioid overdose nasal spray Narcan and its medical countermeasures business. Additionally, a new chief scientific officer position will be created to improve Emergent’s long-term product pipeline, he said.
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