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Statement by Emergent BioSolutions in Response to Attempt by Protein Sciences Corporation to Terminate Asset Purchase Transaction

ROCKVILLE, Md.–(BUSINESS WIRE)–July 29, 2008–Emergent BioSolutions Inc. (NYSE:EBS) issued the following statement in response to the announcement by Protein Sciences Corporation (PSC) that PSC is attempting to terminate its asset purchase agreement between the two companies:

“The asset purchase agreement between Emergent BioSolutions and PSC has not been terminated. PSC’s purported termination is invalid and ineffective, and PSC’s allegations that Emergent has breached its obligations to PSC are baseless. As the company informed PSC in writing last week, PSC does not have a legal right to terminate the existing agreement.

“Emergent believes that PSC’s management continues to disseminate misleading information, including information about the results of the recent FDA inspection and the prospects of near-term approval of FluBlok, and has failed to disclose material events, including the resignation of 1/3 of its directors in the wake of the dispute with Emergent.

“Emergent will continue to pursue all of its legal rights with respect to PSC and its management team, including its claims of fraud and breach of contract, its claims for damages based on Emergent’s enhancement of the value of PSC, and foreclosure against PSC’s assets.

“In parallel, at the request of PSC’s remaining outside directors and in response to feedback from PSC’s shareholders, Emergent has provided PSC with a revised and restructured proposal to purchase the business, which would provide substantial and immediate value to PSC’s shareholders. PSC’s management continues to undermine and oppose a transaction with Emergent that may well be in the best interest of PSC’s shareholders.”

About Emergent BioSolutions Inc.

Emergent BioSolutions Inc. is a leading, multinational biopharmaceutical company dedicated to one simple mission — to protect life. Emergent develops, manufactures and commercializes immunobiotics, consisting of vaccines and therapeutics that assist the body’s immune system to prevent or treat disease. Emergent’s products target infectious diseases and other medical conditions that have resulted in significant unmet or underserved public health needs. The company’s marketed product, BioThrax(R) (Anthrax Vaccine Adsorbed), is the only vaccine approved by the U.S. Food and Drug Administration for the prevention of anthrax infection. www.emergentbiosolutions.com.

Safe Harbor Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, including our expected revenue growth and net earnings for 2008, and any other statements containing the words “believes”, “expects”, “anticipates”, “plans”, “estimates” and similar expressions, are forward-looking statements. There are a number of important factors that could cause the company’s actual results to differ materially from those indicated by such forward-looking statements, including the timing of, and our ability to obtain and maintain, regulatory approval for FluBlok; our plans for future manufacture and sale of FluBlok; our ability to obtain new BioThrax sales contracts with the U.S. government; our plans for future sales of BioThrax; our plans to pursue label expansions and improvements for BioThrax; our plans to expand our manufacturing facilities and capabilities; the rate and degree of market acceptance and clinical utility of our products; our ongoing and planned development programs, preclinical studies and clinical trials; our ability to identify and acquire or in license products and product candidates that satisfy our selection criteria; the potential benefits of our existing collaboration agreements and our ability to enter into selective additional collaboration arrangements; the timing of and our ability to obtain and maintain regulatory approvals for our other product candidates; our commercialization, marketing and manufacturing capabilities and strategy; our intellectual property portfolio; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and other factors identified in the company’s current report on Form 10-Q for the quarter ended March 31, 2008 and subsequent reports filed with the SEC. The company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.