Emergent BioSolutions Inc. is cutting 132 jobs, or approximately 5% of its workforce in a reorganization that the company says will sharpen its strategic focus on core businesses. The biotech described its core businesses as medical countermeasures and commercial products, including NARCAN nasal spray, as well as contract development and manufacturing services. As part of the reorganization, Emergent’s newly-created Science & Development function is uniting research, product development, and clinical teams, the company said, in a statement released Monday. The reorganization is expected to result in annualized savings of $60 million, when fully implemented. The costs associated with the job cuts and reorganization are estimated to be approximately $9 million to $11 million and are expected to be incurred in the first quarter of 2023, the Gaithersburg, Maryland-based company said. Emergent BioSolutions’ stock rose 0.2% before market open Monday.
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