SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Elsey R Don
(Last) (First) (Middle)
300 PROFESSIONAL DRIVE
(Street)
GAITHERSBURG MD 20879
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Emergent BioSolutions Inc. [ EBS ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
VP Finance, CFO & Treasurer
3. Date of Earliest Transaction (Month/Day/Year)
11/20/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/20/2006 P 300 A $11.45 300 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $13.26 09/20/2006 A 22,585 (1) 09/20/2011 Class B Common Stock 22,585 $0 22,585 D
Employee Stock Option (right to buy) $13.26 09/20/2006 A 20,571 (2) 09/20/2011 Class B Common Stock 20,571 $0 20,571 D
Employee Stock Option (right to buy) $3.5(3) 11/20/2006 C 14,385 (4) 06/06/2010 Class B Common Stock 14,385 $0 0 D
Employee Stock Option (right to buy) $13.26(3) 11/20/2006 C 22,585 (5) 09/20/2011 Class B Common Stock 22,585 $0 0 D
Employee Stock Option (right to buy) $13.26(3) 11/20/2006 C 20,571 (6) 09/20/2011 Class B Common Stock 20,571 $0 0 D
Employee Stock Option (right to buy) $3.5(3) 11/20/2006 C 14,385 (7) 06/06/2010 Common Stock 14,385 $0 14,385 D
Employee Stock Option (right to buy) $13.26(3) 11/20/2006 C 22,585 (8) 09/20/2011 Common Stock 22,585 $0 22,585 D
Employee Stock Option (right to buy) $13.26(3) 11/20/2006 C 20,571 (9) 09/20/2011 Common Stock 20,571 $0 20,571 D
Explanation of Responses:
1. The option will vest with respect to 7,529 shares of Class B Common Stock covered thereby on March 1, 2007 and will vest with respect to the remaining 15,056 shares in two equal installments on March 1, 2008 and March 1, 2009.
2. The option will vest with respect to Class B Common Stock in three equal installments on March 1, 2007, March 1, 2008 and March 1, 2009.
3. The option to purchase Class B Common Stock converted into an option to purchase Common Stock on a 1-for-1 basis.
4. The option was granted on June 6, 2005. The option is vested with respect to 5,754 shares of Class B Common Stock covered thereby and will vest with respect to the remaining shares as follows: 4,315 shares on December 6, 2006 and 4,316 on December 6, 2007.
5. The option was granted on September 20, 2006. The option will vest with respect to 7,529 shares of Class B Common Stock covered thereby on March 1, 2007 and will vest with respect to the remaining 15,056 shares in two equal installments on March 1, 2008 abd March 1, 2009.
6. The option was granted on September 20, 2006. The option will vest with respect to Class B Common Stock in three equal installments on March 1, 2007, March 1, 2008 and March 1, 2009.
7. The option is vested with respect to 5,754 shares of Class B Common Stock covered thereby and will vest with respect to the remaining shares as follows: 4,315 shares on December 6, 2006 and 4,316 shares on December 6, 2007.
8. The option will vest with respect to 7,529 shares of Common Stock covered thereby on March 1, 2007 and will vest with respect to the remaining 15,056 shares in two equal installments on March 1, 2008 and March 1, 2009.
9. The option will vest with respect to Common Stock in three equal installments on March 1, 2007, March 1, 2008 and March 1, 2009.
/s/Daniel Abdun-Nabi, attorney in fact 11/21/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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