DISTRESSED DAILY: Emergent BioSolutions Faces 2023 Maturity Wall

Biotech company Emergent BioSolutions Inc. is facing an uncertain future for revenue as lucrative Covid-19 related contracts wind down.

The company, headquartered in Maryland, has high compliance costs and an uncertain ability to attract new business, Moody’s Investors Service analyst Michael Levesque wrote in a note. The firm makes vaccines for infectious diseases and opioid overdose treatment Narcan, which now faces generic competition.

Emergent has “weak” liquidity with a revolver and $380 million term loan coming due in October 2023, though the company’s cash on hand and cash flow should be enough to fund expenses and term loan amortization ...