LANSING, Mich. (WLNS) — Emergent Biosolutions has laid off 300 people and eliminated 85 unfilled positions in restructuring that’s expected to cost the company $18 to $21 million in the last two quarters of 2024.
The layoffs and restructuring were announced Wednesday.
Lansing’s BioPort — the only company in the nation that produced an anthrax vaccine — is a subsidiary of Emergent BioSolutions. The company makes Narcan nasal spray, a rapid opioid overdose reversal drug.
In a news release the company says the realignment “are expected to result in annualized savings of approximately $80 million when fully implemented.”
“Today’s actions are about the future of Emergent,” said CEO Joe Papa. “We have put in place a multi-year plan to position Emergent for sustainable and long-term success, and that starts by stabilizing our operations, strengthening our balance sheet and managing our debt.”
Wall Street reacted positively to the news. The stock was trading at $1.93 Wednesday. Thursday it closed at $3.30. It’s peak was $133.42 a share in August of 2020. In February 2024, it was trading at just $1.50 a share.