Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
El-Hibri Fuad
   2. Issuer Name and Ticker or Trading Symbol
Emergent BioSolutions Inc. [EBS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President, CEO & Chairman
(Last)
(First)
(Middle)
300 PROFESSIONAL DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
11/17/2006
(Street)

GAITHERSBURG, MD 20879		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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   C   86,312 A (1) 86,312 D  
Common Stock               8,314,819 (2) I By Intervac, L.L.C.
Common Stock               4,065,043 (3) I By BioPharm, L.L.C.
Common Stock               1,599,155 (4) I By Biovac, L.L.C.
Common Stock               719,275 (5) I By Intervac Managment, L.L.C.

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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 Underlying Securities
(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 of Derivative Security: 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) $ 3.5 11/17/2006   M     86,312   (6) 05/25/2010 Class B Common Stock 86,312 $ 0 129,470 D  
Class B Common Stock (7) 11/20/2006   M   86,312     (8)   (7) Common Stock 86,312 $ 3.5 86,312 D  
Class B Common Stock (7) 11/20/2006   C     86,312   (8)   (7) Common Stock 86,312 $ 0 0 D  
Employee Stock Option (right to buy) $ 3.5 (9) 11/20/2006   C     129,470   (10) 05/25/2010 Class B Common Stock 129,470 $ 0 0 D  
Employee Stock Option (right to buy) $ 3.5 (9) 11/20/2006   C   129,470     (11) 05/25/2010 Common Stock 129,470 $ 0 129,470 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
El-Hibri Fuad
300 PROFESSIONAL DRIVE
GAITHERSBURG, MD 20879		   X   X   President, CEO & Chairman  

Signatures

 /s/Daniel Abdun-Nabi, attorney in fact   11/21/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The Class B common stock converted into Common Stock on a 1-for-1 basis.
(2) Mr. El-Hibri holds with his wife, as tenants by the entirety, a 32.5% equity interest in Intervac, L.L.C. Intervac, L.L.C. is the direct owner of 8,314,819 shares of Common Stock. Mr. El-Hibri disclaims beneficial ownership of these shares for purposes of Section 16, except to the extent of his pecuniary interest in 2,702,316 shares.
(3) Mr. El-Hibri is the holder of a 40.17% (567,582.3 units) equity interest in BioPharm, L.L.C. BioPharm, L.L.C. is the direct owner of 4,065,043 shares of Common Stock. Mr. El-Hibri disclaims beneficial ownership of these shares for purposes of Section 16, except to the extent of his pecuniary interest in 1,632,991 shares.
(4) Mr. El-Hibri holds with his wife, as tenants by the entirety, a 89.2% equity interest in Biovac, L.L.C. Biovac, L.L.C. is the direct owner of 1,599,155 shares of Common Stock. Mr. El-Hibri disclaims beneficial ownership of these shares for purposes of Section 16, except to the extent of his pecuniary interest in 1,426,446 shares.
(5) Mr. El-Hibri holds with his wife, as tenants by the entirety, a 31.11% equity interest in Intervac Management, L.L.C. Intervac Management, L.L.C. is the direct owner of 719,275 shares of Common Stock. Mr. El-Hibri disclaims beneficial ownership of these shares for purposes of Section 16, except to the extent of his pecuniary interest in 223,767 shares.
(6) The option is vested with respect to 86,312 shares of Class B Common Stock covered thereby and will vest with respect to the remaining 129,470 shares in two equal installments on December 31, 2006 and December 31, 2007.
(7) The Class B Common Stock was convertible into Common Stock on a 1-for-1 basis and had no expiration date.
(8) The shares of Class B Common Stock were acquired on November 17, 2006.
(9) The option to purchase Class B Common Stock converted into an option to purchase Common Stock on a 1-for-1 basis.
(10) The option was granted on May 25, 2005. The option will vest with respect to 129,470 shares in two equal installments on December 31, 2006 and December 31, 2007.
(11) The option will vest with respect to 129,470 shares in two equal installments on December 31, 2006 and December 31, 2007.

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