Emergent BioSolutions appointed Joseph Papa as its new chief executive as the public health company charts its return to growth and lays out plans to pay down its debt. Investors seemed encouraged by the new leadership, as shares skyrocketed more than 78% Wednesday. Papa succeeds interim CEO Haywood Miller, who has led Emergent since Robert Kramer stepped down as president and CEO in June. Shortly after Kramer’s departure, the firm announced a round of layoffs that affected 400 employees across all its businesses, and resulted in reduced operations at its Bayview facility in Baltimore, Maryland, and its facility in Canton, Massachusetts.Before joining Emergent, Papa served as CEO and chair of Bausch and Lomb where he oversaw the eye health company’s public debut in May 2022, raising $630 million. He previously helmed Perrigo, an over-the-counter pharmaceutical company, as chair and CEO. Papa’s past roles also include chief operating officer at Watson Pharmaceuticals, and VP of marketing at Novartis. “He is a recognized industry leader with unparalleled experience in all facets of the pharmaceutical and healthcare industry. Joe has a solid track record of driving growth and successfully navigating companies through periods of transformation,” Chairman Zsolt Harsanyi said in a statement. “His leadership will be instrumental in strengthening Emergent’s balance sheet and returning to growth.”