12:44 PM EDT, 07/31/2024 (MT Newswires) -- Emergent Biosolutions ( EBS ) shares rose more than 7% in recent Wednesday trading after the company said it has sold its Reactive Skin Decontamination Lotion kit to SERB Pharmaceuticals for about $75 million.

An additional $5 million will be paid upon achieving a milestone over the sourcing of a certain component, the firm said.

Chief Executive Officer Joe Papa said the divestment decision is to significantly reduce its total debt in 2024.

"Today, we expect to decrease our debt by more than $150 million through operating performance improvements, working capital reductions and product/asset divestments," Papa said.

Price: 12.73, Change: +0.86, Percent Change: +7.25