Emergent BioSolutions Inc. (NYSE: EBS) today announced that Fuad
El-Hibri, founder and executive chairman, has decided to retire
effective April 1, 2022.
“Creating and leading Emergent has been the honor of my life,
and it would not have been possible without the help of our
incredible team,” said El-Hibri. “I want to thank everyone at
Emergent, past and present, for helping advance our inspiring
mission over the past two decades. I could never have imagined the
number of lives we would impact, and I will forever be proud of our
accomplishments. Emergent is on track to achieving its 2024
strategic plan goals and I have utmost confidence in the executive
team under the leadership of Bob Kramer and the oversight of our
highly experienced and capable board. While I have been looking
forward to retirement after 23 years of service, I will be rooting
from the sidelines as a fan, friend, and shareholder.”
El-Hibri founded Emergent (then BioPort) in 1998 with a single
product, BioThrax® (Anthrax Vaccine Adsorbed), and took the company
public in 2006. Having served as chief executive officer for almost
14 years until March 2012, and executive chairman for 10 years,
El-Hibri has been instrumental in growing the company’s portfolio
to its current suite of marketed and procured products for a
variety of public health threats, including medical countermeasures
for anthrax, smallpox, botulism, and chemical warfare agents, as
well as overseeing the company’s role in fighting the opioid
crisis.
Under El-Hibri’s leadership, Emergent has delivered over 120
million dose-equivalents of COVID-19 vaccine and has built a
trusted partnership with the U.S. government, including supplying
anthrax and smallpox vaccines for the military and inventory for
U.S. biodefense. In addition, his focus on quality manufacturing of
complex biologics has resulted in a full suite of
“molecule-to-market” CDMO development services, drug substance and
drug product manufacturing, and packaging. With the support of more
than 2,400 team members, the company generated approximately $1.6
billion in revenue in 2020 and has been expanding its investment in
R&D to address an even broader array of public health
threats.
“Since founding Emergent, Fuad has transformed the company into
a strong, successful organization that has helped millions of
people,” said Ronald B. Richard, lead independent director at
Emergent. “Emergent’s immense growth and progress over the last 23
years is a testament to Fuad’s character and work ethic. He is
tirelessly dedicated to improving lives around the world by
combatting public health threats. We will miss Fuad’s leadership
and his friendship and wish him the best as he embarks on his
well-deserved retirement.”
“Working alongside Fuad to provide solutions that address public
health threats and bring lifesaving products to market has been a
privilege,” said Robert G. Kramer, president and chief executive
officer at Emergent. “I am grateful for Fuad’s leadership, and I am
confident that our talented team will continue to build on the
foundation he established to make our communities even safer and
healthier. On behalf of everyone at Emergent, he has our thanks and
appreciation.”
Given El-Hibri’s wisdom, knowledge, experience, and history with
the company, Emergent anticipates that El-Hibri will still be
available as needed to effectively transition his knowledge to the
Board of Directors and management team. The details of any
arrangement related to that are under consideration by the Emergent
Board of Directors and will be disclosed when approved by the
Board. Emergent expects to name a new Chair of the Board of
Directors ahead of El-Hibri’s retirement.
About Emergent BioSolutionsAt Emergent, our
mission is to protect and enhance life. We develop, manufacture,
and deliver protections against public health threats through a
pipeline of innovative vaccines and therapeutics. For over 20
years, we’ve been at work defending people from things we hope will
never happen—so that we’re prepared just in case they ever do. We
do what we do because we see the opportunity to create a better,
more secure world. One where preparedness empowers protection from
the threats we face. And peace of mind prevails. In working
together, we envision protecting or enhancing 1 billion lives by
2030. For more information, visit our website and follow us on
LinkedIn, Twitter, and Instagram.
Safe Harbor StatementThis 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 revenue
estimates and projections and statements regarding our ability to
meet those projections in the anticipated timeframe, if at all,
statements about our vision and business prospects, and any other
statements containing the words “believes,” “expects,”
“anticipates,” “intends,” “plans,” “estimates” and similar
expressions, are forward-looking statements. These forward-looking
statements are based on our current intentions, beliefs and
expectations. These forward-looking statements are based on our
current intentions, beliefs and expectations regarding future
events. We cannot guarantee that any forward-looking statement will
be accurate. Investors should realize that if underlying
assumptions prove inaccurate or unknown risks or uncertainties
materialize, actual results could differ materially from our
expectations. Investors are, therefore, cautioned not to place
undue reliance on any forward-looking statement. Any
forward-looking statement speaks only as of the date of this press
release, and, except as required by law, we do not undertake to
update any forward-looking statement to reflect new information,
events or circumstances.
There are a number of important factors that could cause the
company’s actual results to differ materially from those indicated
by such forward-looking statements, including the availability of
funding and the exercise of options under our medical
countermeasure product contracts; appropriations for the
procurement of our products; our ability to secure Emergency Use
Authorization pre-approval or licensure, as applicable of our
products from the U.S. Food and Drug Administration within the
anticipated timeframe, if at all; availability of funding for our
U.S. government grants and contracts; our ability to successfully
integrate and develop the operations, products, product candidates,
programs, and personnel from our completed acquisitions; our
ability and the ability of our collaborators to protect our
intellectual property rights; whether anticipated synergies and
benefits from an acquisition or in-license will be realized within
expected time periods, if at all; our ability to utilize our
manufacturing facilities and expand our capabilities; our ability
to accurately forecast demand for our products and our suppliers to
maintain an adequate supply of the materials needed to produce
them; our ability and the ability of our contractors and suppliers
to maintain compliance with current Good Manufacturing Practices
and other regulatory obligations; the timing and results of
clinical trials; the timing of and our ability to obtain and
maintain regulatory approvals for our product candidates; and our
commercialization, marketing and manufacturing capabilities and
strategy. The foregoing sets forth many, but not all, of the
factors that could cause actual results to differ from our
expectations in any forward-looking statement. Investors should
consider this cautionary statement, as well as the risk factors
identified in our periodic reports filed with the Securities and
Exchange Commission, when evaluating our forward-looking
statements.
Investor Contact:Robert G.
BurrowsVice President, Investor
Relations240-631-3280burrowsr@ebsi.com
Media Contact:Matt HartwigSenior
Director, Media Relationsmediarelations@ebsi.com
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