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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, D.C. 20549</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:center;'><B><font SIZE=5>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant to Section 13 or 15(d) of the </font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>Date of report (Date of earliest event reported):  </font><b><font size=2>June 14, 2007</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=4>Emergent BioSolutions Inc.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p>


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        <td width="223" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:3.0pt;text-align:center'><b><font size=2>Delaware</font></b></p> </td>
        <td width="192" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:3.0pt;text-align:center'><b><font size=2>001-33137</font></b></p> </td>
        <td width="223" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:3.0pt;text-align:center'><b><font size=2>14-1902018</font></b></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:0pt;text-align:center'><font size=2>(State or Other Jurisdiction</font></p>
<p  align=center style='margin-bottom:0pt;text-align:center'><font size=2>of Incorporation)</font></p> </td>
        <td width="192" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:0pt;text-align:center'><font size=2>(Commission</font><br> <font size=2>File Number)</font></p> </td>
        <td width="223" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:0pt;text-align:center'><font size=2>(IRS Employer</font><br> <font size=2>Identification No.)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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        <td width="415" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:3.0pt;text-align:center'><b><font size=2>2273 Research Boulevard, Suite 400, Rockville, Maryland</font></b></p> </td>
        <td width="223" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:3.0pt;text-align:center'><b><font size=2>20850</font></b></p> </td> </tr>
    <tr >
        <td width="415" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0pt; margin-bottom:0pt;margin-left:0pt;text-align:center'><font size=2>(Address of Principal Executive Offices)</font></p> </td>
        <td width="223" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0pt; margin-bottom:0pt;margin-left:0pt;text-align:center'><font size=2>(Zip Code)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(301) 795-1800</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s telephone number, including area code:  </font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:center;'><b><font size=2>Not applicable</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(Former Name or Former Address, if Changed Since Last Report)</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face=Wingdings>o</font><font size=2> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 1.01.  Entry into a Material Definitive Agreement.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On June 11, 2007, Emergent BioDefense Operations Lansing Inc. (&#147;Emergent BioDefense Operations&#148;), a wholly owned subsidiary of Emergent BioSolutions Inc., entered into a Loan Agreement with Fifth Third Bank (the &#147;Loan Agreement&#148;). Additional information regarding the Loan Agreement is set forth below in Item 2.03 and is incorporated by reference in this Item 1.01 in its entirety.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 2.03.  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The information set forth in Item 1.01 above with respect to the Loan Agreement is incorporated by reference in this Item 2.03 in its entirety.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Loan Agreement provides for a revolving line of credit of up to $15.0 million. Any outstanding principal under the Loan Agreement is due upon maturity on May 15, 2008. Interest is payable monthly and accrues at an annual rate equal to 0.375% less than the prime rate of interest established from time to time by Fifth Third Bank. The Loan Agreement is primarily secured by accounts receivable under BioThrax&reg; supply contracts with the U.S. Department of Defense and the U.S. Department of Health and Human Services (the &#147;Government Contracts&#148;). The principal amount outstanding at any time under the Loan Agreement may not exceed 75% of total eligible accounts receivable under the Government Contracts. Among other criteria, eligible accounts receivable may not be more than 90 days old from the earlier of the original invoice date or the date of shipment or performance of services that give rise to
the account receivable.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Payment obligations under the Loan Agreement may be accelerated upon the occurrence of an event of default under the Loan Agreement. Events of default under the Loan Agreement include, subject in some cases to specified cure periods, payment defaults; defaults in the performance of obligations; failure to comply with covenants; any default in the payment of other indebtedness that gives the holder thereof the right to accelerate the maturity of such indebtedness in an amount in excess of $250,000; inaccuracy of representations and warranties in any material respect; termination of any guarantee; material failure to perform any obligation under a Government Contract or termination of a Government Contract other than by expiration in accordance with its terms; an order, judgment or other action of a court or governmental agency preventing the sale of BioThrax under any Government Contract; and bankruptcy and
insolvency related defaults.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Loan Agreement contains affirmative and negative covenants customary for financings of this type. Negative covenants in the Loan Agreement limit the ability of Emergent BioDefense Operations to: incur indebtedness and liens; sell assets; make loans, advances or guarantees; enter into mergers or similar transactions; enter into transactions with affiliates; and amend the terms of any Government Contract.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'>
<B><font SIZE=2>SIGNATURE</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>


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            <p  style='margin-bottom:18.0pt'><font size=2>Date:  June 14, 2007</font></p> </td>
        <td  colspan="2" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  style='margin-bottom:18.0pt'><font SIZE=2>EMERGENT BIOSOLUTIONS INC.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid; height:62.25pt'>
        <td width="319" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:62.25pt'>
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:62.25pt'>
            <p  align=right style='text-align:right'><font size=2>By:</font></p> </td>
        <td width="283" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:62.25pt'>
            <p  style='margin-bottom:0pt'><u><font size=2>/s/R. Don Elsey</font></u></p>
<p  style='margin-bottom:0pt'><font size=2>R. Don Elsey</font></p>
<p  style='margin-bottom:0pt'><font size=2>Senior Vice President Finance &amp; Administration</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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{"company-data": {"conformed-name": "Emergent BioSolutions Inc.", "cik": "0001367644", "assigned-sic": "2834", "irs-number": "141902018", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33137", "film-number": "07920178"}, "business-address": {"street1": "2273 RESEARCH BLVD, SUITE 400", "city": "ROCKVILLE", "state": "MD", "zip": "20850", "phone": "(301) 795-1800"}, "mail-address": {"street1": "2273 RESEARCH BLVD, SUITE 400", "city": "ROCKVILLE", "state": "MD", "zip": "20850"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
June 14, 2007
Emergent BioSolutions Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
001-33137
14-1902018
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2273 Research Boulevard, Suite 400, Rockville, Maryland
20850
(Address of Principal Executive Offices)
(Zip Code)
(301) 795-1800
Registrant's telephone number, including area code:
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.  Entry into a Material Definitive Agreement.
On June 11, 2007, Emergent BioDefense Operations Lansing Inc. ("Emergent BioDefense Operations"), a wholly owned subsidiary of Emergent BioSolutions Inc., entered into a Loan Agreement with Fifth Third Bank (the "Loan Agreement"). Additional information regarding the Loan Agreement is set forth below in Item 2.03 and is incorporated by reference in this Item 1.01 in its entirety.
Item 2.03.  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above with respect to the Loan Agreement is incorporated by reference in this Item 2.03 in its entirety.
The Loan Agreement provides for a revolving line of credit of up to $15.0 million. Any outstanding principal under the Loan Agreement is due upon maturity on May 15, 2008. Interest is payable monthly and accrues at an annual rate equal to 0.375% less than the prime rate of interest established from time to time by Fifth Third Bank. The Loan Agreement is primarily secured by accounts receivable under BioThrax® supply contracts with the U.S. Department of Defense and the U.S. Department of Health and Human Services (the "Government Contracts"). The principal amount outstanding at any time under the Loan Agreement may not exceed 75% of total eligible accounts receivable under the Government Contracts. Among other criteria, eligible accounts receivable may not be more than 90 days old from the earlier of the original invoice date or the date of shipment or performance of services that give rise to
the account receivable.
Payment obligations under the Loan Agreement may be accelerated upon the occurrence of an event of default under the Loan Agreement. Events of default under the Loan Agreement include, subject in some cases to specified cure periods, payment defaults; defaults in the performance of obligations; failure to comply with covenants; any default in the payment of other indebtedness that gives the holder thereof the right to accelerate the maturity of such indebtedness in an amount in excess of $250,000; inaccuracy of representations and warranties in any material respect; termination of any guarantee; material failure to perform any obligation under a Government Contract or termination of a Government Contract other than by expiration in accordance with its terms; an order, judgment or other action of a court or governmental agency preventing the sale of BioThrax under any Government Contract; and bankruptcy and
insolvency related defaults.
The Loan Agreement contains affirmative and negative covenants customary for financings of this type. Negative covenants in the Loan Agreement limit the ability of Emergent BioDefense Operations to: incur indebtedness and liens; sell assets; make loans, advances or guarantees; enter into mergers or similar transactions; enter into transactions with affiliates; and amend the terms of any Government Contract.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  June 14, 2007
EMERGENT BIOSOLUTIONS INC.
By:
/s/R. Don Elsey
R. Don Elsey
Senior Vice President Finance & Administration