Emergent BioSolutions Inc. (NYSE: EBS) waited until August to announce its first transactions of 2018, but its stock has been rising all year.

On August 9, we reported the company acquired specialty vaccine maker PaxVax, Inc. for $270 million. EBS followed that up on August 28 with a $635 million deal for Adapt Pharma, maker of  Narcan® (naloxone HCI) Nasal Spray, the only FDA-approved nasal form of naloxone indicated for the emergency treatment of opioid overdose.

Upon closing, Emergent will acquire Narcan and a development pipeline of new treatment and delivery options to address opioid overdose. Narcan is expected to generate revenues of $200 million and be accretive to adjusted net income and EBITDA in 2019.

The company expects that, with the completion of this acquisition and the recently announced acquistion of PaxVax, it will achieve or exceed its goal of $1 billion in revenue in 2020.

Investors are expecting the company to deliver on its promise apparently. EBS shares were up nearly 29% on August 31 ($61.62), compared with a close of $47.97 on January 2. Time to hang ten.