Emergent Surges 66% As It Brings in Bausch + Lomb vet Papa as CEO

Emergent Biosolutions (NYSE:EBS) is up 66% in Wednesday afternoon trading after announcing former Bausch + Lomb (NYSE:BLCO) CEO Joseph Papa has been appointed CEO.

Papa had led Bausch + Lomb (BLCO) since its May 2022 IPO. Prior, he was CEO of Bausch Health Companies (NYSE:BHC).

Emergent’s (EBS) dramatic stock price rise is likely due to excitement over Papa’s background as a life sciences exec with a track record of turning companies around.

He was previously CEO at Perrigo (PRGO), and has held executive roles at Novartis (NVS) and Cardinal Health (CAH).