Emergent BioSolutions Announces Daniel J. Abdun-Nabi to Retire as CEO; Robert G. Kramer, Sr. to Become President and CEO
January 04 2019 - 6:00AM
Emergent BioSolutions Inc. (NYSE: EBS) today announced that its CEO
Daniel J. Abdun-Nabi will be retiring and that its board of
directors has unanimously appointed Robert G. Kramer, Sr., the
company’s current president and COO, to succeed him as president
and CEO, effective April 1, 2019. Mr. Abdun-Nabi has also indicated
that he plans to step down as a member of the Emergent board of
directors, and Emergent expects the board of directors to appoint
Mr. Kramer to fill the board vacancy created by Mr. Abdun-Nabi’s
retirement.
Since becoming CEO in April 2012, Mr. Abdun-Nabi has forged a
strong company culture of leadership, innovation, and social
responsibility while expanding Emergent’s business to address some
of the most critical public health threats of concern to the United
States and other countries across the globe. Key accomplishments
during his tenure position the company for continued near- and
long-term growth and include:
- Developing a compelling corporate vision and achieving a
significant vision metric of protecting and enhancing 50 million
lives by 2025, seven years ahead of plan;
- Acquiring five revenue-generating businesses, as well as
multiple platform technologies and products in development;
- Expanding Emergent’s product offerings from one to 11 to
include dual-market products that are marketed and procured by
government and commercial customers globally;
- Building a strong and diversified product development pipeline
of more than 15 product candidates addressing a spectrum of public
health threats;
- Growing the company’s global footprint to 19 locations, eight
of which are manufacturing facilities located in the United States,
Canada and Europe;
- Establishing a company reputation of social responsibility
recognized for corporate philanthropy and contributions to local
communities;
- Driving strategic plans that grew total revenue by 280 percent,
from $282 million in 2012 to an estimated total revenue of
approximately $800 million in 2018, and expected to exceed $1
billion in 2019, one year ahead of plan; and
- Realizing a market capitalization of $3 billion and shareholder
return of approximately 292.29 percent(1), significantly
outperforming key indices, including the S&P 500 (105.05%), Dow
Jones Industrial Average (108.60%) Nasdaq Biotech (143.26%) and
Russell 2000 (78.25%) among others, over that same period.
Fuad El-Hibri, founder and executive chairman of the board of
directors stated, “On behalf of the board of directors, I thank Dan
for his visionary leadership as CEO during a period in which the
company achieved significant growth and strong financial
performance. His laser focus on developing and implementing
successive strategic growth plans to advance the company’s mission
― to protect and enhance life ― has transformed the company from a
primarily biodefense company to a global, diversified life sciences
company. The company has never been stronger ― Dan’s ability to
make strategic investments to drive growth, while achieving
consistent financial performance, leaves the company
well-positioned for future success. We will miss Dan and wish him
all the best.”
Commenting on the transition, Mr. Abdun-Nabi said, “It has been
my great honor to have contributed to Emergent’s 20-year history of
leadership delivering products to protect those vulnerable to
public health threats. And, it has been a great privilege to lead
and serve a tremendously talented team of employees. I am confident
that our efforts to realize our vision to be a Fortune 500 company
recognized for protecting and enhancing life, driving innovation,
and living our values will continue unabated under Bob’s
leadership.”
Regarding the appointment of Mr. Kramer, Mr. El-Hibri said, “The
election of Bob is the result of our succession planning process.
Bob has been a committed leader since he first joined the company
in 1999 as chief financial officer. As president and COO, Bob has
an extensive and thorough knowledge of all aspects of the company’s
operations. The board is continually impressed with his ability to
act decisively and strategically in the company’s best interests,
making him uniquely qualified to step into this role. The board has
every confidence in Bob’s ability to further advance growth and a
flourishing culture of innovation and engagement across the
business.”
Mr. Kramer stated, “I am deeply honored to take the company’s
helm and continue driving towards achieving Dan’s inspiring vision.
Building on the tremendous momentum we have gained from executing
on successive strategic growth plans, I look forward to leading an
incredibly talented, experienced team as we continue to broaden our
reach into the public health threats market, strengthen our
portfolio of unique products, serve our customers and partners,
generate shareholder value, and fulfill our mission – to protect
and enhance life.”
(1) Calculated using a start and end date of 4/1/2012 and
12/31/2018, respectively.
About Emergent BioSolutionsEmergent
BioSolutions Inc. is a global life sciences company seeking to
protect and enhance life by focusing on providing specialty
products for civilian and military populations that address
accidental, deliberate, and naturally occurring public health
threats. We aspire to be a Fortune 500 company recognized for
protecting and enhancing life, driving innovation, and living our
values. Additional information about the company may be found
at www.emergentbiosolutions.com. Find us on LinkedIn and
follow us on Twitter @emergentbiosolu and Instagram
@life_at_emergent.
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 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 BioThrax® (Anthrax
Vaccine Adsorbed) and NuThrax™ (anthrax vaccine adsorbed with CPG
7909 adjuvant) contracts; appropriations for the procurement of our
products; our ability to secure Emergency Use Authorization
pre-approval and licensure of NuThrax 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 recently completed acquisitions of PaxVax and Adapt; 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:Lynn KiefferVice
President, Corporate
Communications240-631-3391KiefferL@ebsi.com
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