Item 1.02 Termination of a Material Definitive Agreement.

On November 1, 2021, Emergent BioSolutions Inc., through its wholly-owned subsidiary, Emergent Manufacturing Operations Baltimore LLC (collectively, "Emergent,") and Biomedical Advanced Research and Development Authority ("BARDA"), an agency under the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services ("HHS") entered into contract modifications (the "Modifications") under which the parties mutually agreed to terminate the U.S. Government and Emergent's Center for Innovation in Advanced Development and Manufacturing Contract (HHS Contract No. O100201200004I) (the "CIADM Contract") to establish a public-private partnership for pandemic preparedness, issued on June 5, 2012, along with all associated task orders, including the task order issued on May 30, 2020 to reserve capacity and expand manufacturing of third-party COVID-19 vaccines and therapeutics at various Emergent sites (the "Task Order"), in support of the U.S. Government's efforts to respond to the COVID-19 pandemic.

The terms of the Modifications reduced the total contract value to be realized under the Task Order to $470.9 million from $650.8 million. The total base CIADM Contract value to be realized was reduced to $140.5 million from $163.2 million. Other than customary post-termination activities, Emergent and BARDA have no ongoing obligations related to these contracts.

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