Emergent rises after naming former Bausch + Lomb head as CEO

Bausch + Lomb

21/02/2024 15:02

(Updates)
    ** Shares of Emergent BioSolutions  EBS.N  rise 19.7% to
$1.82 
    ** EBS names ex-Bausch + Lomb  BLCO.TO  CEO Joseph Papa to
the top job 
    ** Emergent, which makes the opioid overdose reversal drug
Narcan, aims to return to revenue growth
    ** Papa succeeds Haywood Miller, who will step down from his
role as interim CEO, effective Feb. 21 
    ** Co has been seeking to cut costs, pivot away from its
contract manufacturing business due to sluggish demand, and
drive sales growth for Narcan and its other branded drugs 
    ** While Emergent's interim CEO has done a good job in
"righting the ship", Papa's appointment is "very positive" as
his experience should help Emergent focus on products such as
Narcan, said Benchmark analyst 
    ** Emergent's stock fell about 90% in the last 12 months,
hitting a 16-year low in August 

 (Reporting by Puyaan Singh and Pratik Jain in Bengaluru)
 ((Puyaan.Singh@thomsonreuters.com;))