ROCKVILLE, Md.--(BUSINESS WIRE)--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.
Emergent BioSolutions Inc.
Robert G. Burrows
Vice President, Investor Relations
Vice President, Corporate Communications