UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

FORM 8-K

CURRENT REPORTPursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 13, 2019

Recro Pharma, Inc.(Exact name of registrant as specified in its charter)

Pennsylvania 001-36329 26-1523233

(State or other jurisdiction ofincorporation or organization)

(CommissionFile Number)

(I.R.S. EmployerIdentification No.)

490 Lapp Road, Malvern, Pennsylvania 19355(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (484) 395-2470

Not Applicable(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class TradingSymbol

Name of Exchangeon Which Registered

Common Stock, par value $0.01 REPH Nasdaq Capital Market

Securities registered pursuant to Section 12(g) of the Act:

None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of thefollowing provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of thischapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 8.01 Other Events.

On November 13, 2019, the Company updated information reflected in a slide presentation, including certain financial information, which is attached asExhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Representatives of the Company will use the updated presentationin various meetings with investors from time to time.

On November 13, 2019, the Company issued a press release announcing the effectiveness of the Baudax Bio, Inc. registration statement on Form 10 inconnection with the spin-out of the Company’s acute care segment. A copy of the press release is filed as Exhibit 99.2 to this Current Report on Form 8-Kand is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being filed herewith: Exhibit

No. Document

99.1 Investor Presentation of Recro Pharma, Inc.

99.2 Press release of Recro Pharma, Inc., dated November 13, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

Recro Pharma, Inc.

By: /s/ Gerri A. HenwoodName: Gerri A. HenwoodTitle: Chief Executive Officer

Date: November 13, 2019

Exhibit 99.1 …focused on improving patients lives… November 2019Exhibit 99.1 …focused on improving patients lives… November 2019

Forward Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements, among other things, relate to the Company’s ability to complete the spin of its Acute Care business segment, uncertainty of whether the anticipated benefits of the spin-off can be achieved, risks of unexpected costs or delays in the Company’s ability to complete the spin-off, the Company’s ability continue the development and commercialization of IV meloxicam, the Company’s ability to execute its strategic initiatives, the Company’s ability to adequately resolve the outstanding labeling issues with the FDA for IV meloxicam, and the time frame associated with any such resolution; the Company’s ability to raise future financing for continued product development and IV meloxicam commercialization; with regard to the Company’s clinical trial results, whether there may be changes in the interpretation by the FDA of the data of the Company’s clinical trials and the length, cost and uncertain results and timing of our ongoing clinical trials; with regard to the potential commercial opportunity of IV meloxicam, whether any FDA approval of IV meloxicam will include labeling restrictions and the potential that IV meloxicam does not receive regulatory approval or does not receive reimbursement by third party payors, that IV meloxicam is not accepted by the medical community, including physicians, patients, health care providers and hospital formularies or that a commercial market for IV meloxicam does not develop; the Company’s ability to manage costs and execute on its operational and budget plans, the Company’s ability to achieve its financial goals, including financial guidance, the Company’s ability to pay its debt under its credit agreement; the Company’s ability to maintain relationships with CDMO commercial partners; and the Company’s ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will and similar terms and phrases may be used to identify forward-looking statements in thispresentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law. Non-Promotion: This presentation is intended to be non-promotional and for investor discussion purposes only. The information provided herein contains references to IV meloxicam, an investigational product. Use of IV meloxicam has not been approved by the FDA. The safety and efficacy of the investigational use of IV meloxicam has not been determined. There is no guarantee that IV meloxicam will be approved for marketing by any regulatory agency. 2Forward Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements, among other things, relate to the Company’s ability to complete the spin of its Acute Care business segment, uncertainty of whether the anticipated benefits of the spin-off can be achieved, risks of unexpected costs or delays in the Company’s ability to complete the spin-off, the Company’s ability continue the development and commercialization of IV meloxicam, the Company’s ability to execute its strategic initiatives, the Company’s ability to adequately resolve the outstanding labeling issues with the FDA for IV meloxicam, and the time frame associated with any such resolution; the Company’s ability to raise future financing for continued product development and IV meloxicam commercialization; with regard to the Company’s clinical trial results, whether there may be changes in the interpretation by the FDA of the data of the Company’s clinical trials and the length, cost and uncertain results and timing of our ongoing clinicaltrials; with regard to the potential commercial opportunity of IV meloxicam, whether any FDA approval of IV meloxicam will include labeling restrictions and the potential that IV meloxicam does not receive regulatory approval or does not receive reimbursement by third party payors, that IV meloxicam is not accepted by the medical community, including physicians, patients, health care providers and hospital formularies or that a commercial market for IV meloxicam does not develop; the Company’s ability to manage costs and execute on its operational and budget plans, the Company’s ability to achieve its financial goals, including financial guidance, the Company’s ability to pay its debt under its credit agreement; the Company’s ability to maintain relationships with CDMO commercial partners; and the Company’s ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will and similar terms and phrases may be used to identify forward-looking statements in this presentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law. Non-Promotion: This presentation is intended to be non-promotional and for investor discussion purposes only. The information provided herein contains references to IV meloxicam, an investigational product. Use of IV meloxicam has not been approved by the FDA. The safety and efficacy of the investigational use of IV meloxicam has not been determined. There is no guarantee that IV meloxicam will be approved for marketing by any regulatory agency.2

Company Highlights • RECRO CDMO: Revenue and cash flow positive contract development and manufacturing (CDMO) business – Q3 2019 – Revenue $25.3 million; YTD 2019 – Revenue $81.6 million – 2019 Full Year Financial Guidance Revenue of approximately $98-100 million – Operating Income expected to be in the range of $40-44 million – EBITDA (as Adjusted*) Full Year Financial Guidance of $48-50 million • Cash position – $37.9 million as of September 30, 2019 • Company achieved consolidated operating profitability in Q3 2019 and generated $4.8 million in cash from operations and expects to remain cash flow positive for the second half of 2019 (excluding the impact from any strategic transactions) • Signed Multi-year Manufacturing and Supply Agreement with Novartis to supply Ritalin LA® and Focalin XR® Capsules for five years and six year amendment to License and Supply Agreement with TEVA to supply Verapamil SR® for six years • IV Meloxicam / Baudax Bio Form 10 Effective as of November 13, 2019; Distribution Date November 21, 2019 Ø October 2019 – Appeal granted for the IV Meloxicam New Drug Application (NDA). The company is preparing a comprehensive response to the U.S. Food and Drug Administration (FDA) for re-filing • Spin out of Acute Care Segment into a new entity named Baudax Bio (NASDAQ) in Q4 *EBITDA, as Adjusted is a non-GAAP financial measures (See reconciliation on last page of presentation). 3Company Highlights • RECRO CDMO: Revenue and cash flow positive contract development and manufacturing (CDMO) business – Q3 2019 – Revenue $25.3 million; YTD 2019 – Revenue $81.6 million – 2019 Full Year Financial Guidance Revenue of approximately $98-100 million – Operating Income expected to be in the range of $40-44 million – EBITDA (as Adjusted*) Full Year Financial Guidance of $48-50 million • Cash position – $37.9 million as of September 30, 2019 • Company achieved consolidated operating profitability in Q3 2019 and generated $4.8 million in cash from operations and expects to remain cash flow positive for the second half of 2019 (excluding the impact from any strategic transactions) • Signed Multi-year Manufacturing and Supply Agreement with Novartis to supplyRitalin LA® and Focalin XR® Capsules for five years and six year amendment to License and Supply Agreement with TEVA to supply Verapamil SR® for six years • IV Meloxicam / Baudax Bio Form 10 Effective as of November 13, 2019; Distribution Date November 21, 2019 Ø October 2019 – Appeal granted for the IV Meloxicam New Drug Application (NDA). The company is preparing a comprehensive response to the U.S. Food and Drug Administration (FDA) for re-filing • Spin out of Acute Care Segment into a new entity named Baudax Bio (NASDAQ) in Q4 *EBITDA, as Adjusted is a non-GAAP financial measures (See reconciliation on last page of presentation). 3

Contract Development and Manufacturing (CDMO) Business Overview 4Contract Development and Manufacturing (CDMO) Business Overview 4

Gainesville CDMO Facility 5Gainesville CDMO Facility 5

CDMO Overview • 97,000 + sq. ft. cGMP solid oral dosage manufacturing – DEA licensed • Plus 24,000 sq. ft. –Development Services Facility and High Potency Product Facility • Revenues include commercial product sales, royalties and profit CDMO Manufacturing sharing, along with development services revenues • Strong growth to date in revenue, operating income and EBITDA (as adjusted) • Once daily ADHD treatment marketed by Novartis* Ritalin LA® • Extended release ADHD treatment marketed by Novartis* Focalin XR® • CV/high blood pressure treatment marketed by Teva** and Lannett Verapamil/Verelan • Extended release hydrocodone marketed by Currax (Previously Pernix) Zohydro ER® * Five-year contract extension to December 2023 recently announced 6 ** Six-year contract extension through 2024 recently announcedCDMO Overview • 97,000 + sq. ft. cGMP solid oral dosage manufacturing – DEA licensed • Plus 24,000 sq. ft. –Development Services Facility and High Potency Product Facility • Revenues include commercial product sales, royalties and profit CDMO Manufacturing sharing, along with development services revenues • Strong growth to date in revenue, operating income and EBITDA (as adjusted) • Once daily ADHD treatment marketed by Novartis* Ritalin LA® • Extended release ADHD treatment marketed by Novartis* Focalin XR® • CV/high blood pressure treatment marketed by Teva** and Lannett Verapamil/Verelan • Extended release hydrocodone marketed by Currax (Previously Pernix) Zohydro ER® * Five-year contract extension to December 2023 recently announced 6 ** Six-year contract extension through 2024 recently announced

Start With, Stay With Recro Recro’s capabilities across the product development value chain Formulation CTM Product Commercial Regulatory Pre-IND Optimization Scale-Up PPQ Filing Development Manufacture Launch Supply Project Management Development Expertise Manufacturing Expertise Quality Assurance Regulatory Guidance and Consultation PHARMACEUTICAL FORMULATION ANALYTICAL METHOD PHARMACEUTICAL PACKAGING & LOGISTICS DEVELOPMENT DEVELOPMENT MANUFACTURING • Bottles • Capsules, tablets • Raw material • Milling • Serialization in place (development scale) • In-process • Blending • Physical • Release • Compression Early Phase characterization • Method development/ • Spray granulation • Excipient compatibility validation • Rotary granulation Late Phase & • Solubility assessment • ICH, photostability • Particle/bead coating Commercial • Encapsulation 7Start With, Stay With Recro Recro’s capabilities across the product development value chain Formulation CTM Product Commercial Regulatory Pre-IND Optimization Scale-Up PPQ Filing Development Manufacture Launch Supply Project Management Development Expertise Manufacturing Expertise Quality Assurance Regulatory Guidance and Consultation PHARMACEUTICAL FORMULATION ANALYTICAL METHOD PHARMACEUTICAL PACKAGING & LOGISTICS DEVELOPMENT DEVELOPMENT MANUFACTURING • Bottles • Capsules, tablets • Raw material • Milling • Serialization in place (development scale) • In-process • Blending • Physical • Release • Compression Early Phase characterization • Method development/ • Spray granulation • Excipient compatibility validation • Rotary granulation Late Phase & • Solubility assessment • ICH, photostability • Particle/bead coating Commercial • Encapsulation 7

Business Model Approach Chestnut High Potency Early Phase Non-GMP Phase I-IIb Commercial Development Feasibility CTM Facility Manufacturing Robust Technology Transfer Process Process Gould DEA Drug Phase III Scale Up & Commercial Development CTM Development Manufacturing Facility Phase I-IIb Support Early Phase Late Phase & Commercial 8Business Model Approach Chestnut High Potency Early Phase Non-GMP Phase I-IIb Commercial Development Feasibility CTM Facility Manufacturing Robust Technology Transfer Process Process Gould DEA Drug Phase III Scale Up & Commercial Development CTM Development Manufacturing Facility Phase I-IIb Support Early Phase Late Phase & Commercial 8

Recro’s Registration & Commercial Approach Scale-Up PPQ Regulatory Filing Product Launch Registration & PPQ Late Phase Regulatory Technology Transfer Commercialization Strategy Support • Scalable equipment • eCTD compliance • Registration Batches • Commercial supports technology • PPQ Campaign • Regulatory guidance Manufacturing & transfer and consultation for Packaging • Project Management client FDA meetings • Pharmacovigilance continuity and responses reporting Categories 1 – 3A/3B and DEA Controlled Substance Capabilities Project Management 9Recro’s Registration & Commercial Approach Scale-Up PPQ Regulatory Filing Product Launch Registration & PPQ Late Phase Regulatory Technology Transfer Commercialization Strategy Support • Scalable equipment • eCTD compliance • Registration Batches • Commercial supports technology • PPQ Campaign • Regulatory guidance Manufacturing & transfer and consultation for Packaging • Project Management client FDA meetings • Pharmacovigilance continuity and responses reporting Categories 1 – 3A/3B and DEA Controlled Substance Capabilities Project Management 9

Scalable Equipment Streamlines Technology Transfer Roller Compaction Fluid Bed Processing Rotor Processing Granulation Blending Key Unit Operations for Solid Oral Dosage Forms Oral Solid Dosage Unit Operations Compression Oven Drying (Temp & Encapsulation Milling Tablet Coating (Bi-Layer Capable) Humidity Control) (Solvent Capable) 10Scalable Equipment Streamlines Technology Transfer Roller Compaction Fluid Bed Processing Rotor Processing Granulation Blending Key Unit Operations for Solid Oral Dosage Forms Oral Solid Dosage Unit Operations Compression Oven Drying (Temp & Encapsulation Milling Tablet Coating (Bi-Layer Capable) Humidity Control) (Solvent Capable) 10

CDMO – High Potency and Development Services Services for both Development-phase small molecules and, within dedicated sector, for high potency molecules: Formulation Development Analytical Method Pharmaceutical Development • Capsules, tablets Development Manufacturing Pharmaceutical Packaging (development scale) • Raw material • Milling & Logistics • Physical characterization • In-process • Blending • Clinical trial • Excipient compatibility • Release • Compression randomization schedules • Solubility assessment • Method • Spray granulation for clinical trial supplies o Clinical trial packaging • Regulatory guidance development/validation • Rotary granulation o Stability testing • ICH, photostability • Particle/bead coating o Shipping and logistics • Encapsulation to study sites • Pre-clinical through • Serialization in place at Phase III Gould facility for • Transfer non-high commercial packaging potency to commercial operations at Gould location 11CDMO – High Potency and Development Services Services for both Development-phase small molecules and, within dedicated sector, for high potency molecules: Formulation Development Analytical Method Pharmaceutical Development • Capsules, tablets Development Manufacturing Pharmaceutical Packaging (development scale) • Raw material • Milling & Logistics • Physical characterization • In-process • Blending • Clinical trial • Excipient compatibility • Release • Compression randomization schedules • Solubility assessment • Method • Spray granulation for clinical trial supplies o Clinical trial packaging • Regulatory guidance development/validation • Rotary granulation o Stability testing • ICH, photostability • Particle/bead coating o Shipping and logistics • Encapsulation to study sites • Pre-clinical through • Serialization in place at Phase III Gould facility for • Transfer non-high commercial packaging potency to commercial operations at Gould location 11

Strong CDMO Business Performance CDMO Segment 2017 2018 Q3 YTD 2019 2019 ($millions) (unaudited) (unaudited) (unaudited) Estimate Revenues $71.8 $77.3 $81.6 $98 - $100 Operating Income $25.4 $24.9 $37.3 $40 - $44 Operating Income, as Adjusted* $25.4 $23.5 $31.9 $38 - $40 EBITDA, as Adjusted* $33.8 $32.2 $39.4 $48 - $50 • Revenues include product sales, royalties, profit sharing and R&D services • 2019 Guidance - Revenues of approximately $98-100M, Operating Income of $40-44M and EBITDA, as Adjusted* of approximately $48-50M • Signed Exclusive Five-Year Manufacturing and Supply Agreement through 2023 with Novartis to supply Ritalin LA® and Focalin XR® Capsules with “Total Revenue Per Capsule Economics” Expected to be Similar to Prior Contracts • Signed Six-Year agreement with Teva to supply Verapamil SR® though 2024 • Additional capacity for new product opportunities and recent facility expansion significantly enhancing development and high potency product service offerings • Positive cash flow for debt service obligations, as well as cash flow to contribute toward working capital and operating activities *Operating Income, as Adjusted and EBITDA, as Adjusted is a non-GAAP financial measure (see reconciliation on last page of presentation) 12Strong CDMO Business Performance CDMO Segment 2017 2018 Q3 YTD 2019 2019 ($millions) (unaudited) (unaudited) (unaudited) Estimate Revenues $71.8 $77.3 $81.6 $98 - $100 Operating Income $25.4 $24.9 $37.3 $40 - $44 Operating Income, as Adjusted* $25.4 $23.5 $31.9 $38 - $40 EBITDA, as Adjusted* $33.8 $32.2 $39.4 $48 - $50 • Revenues include product sales, royalties, profit sharing and R&D services • 2019 Guidance - Revenues of approximately $98-100M, Operating Income of $40-44M and EBITDA, as Adjusted* of approximately $48-50M • Signed Exclusive Five-Year Manufacturing and Supply Agreement through 2023 with Novartis to supply Ritalin LA® and Focalin XR® Capsules with “Total Revenue Per Capsule Economics” Expected to be Similar to Prior Contracts • Signed Six-Year agreement with Teva to supply Verapamil SR® though 2024 • Additional capacity for new product opportunities and recent facilityexpansion significantly enhancing development and high potency product service offerings • Positive cash flow for debt service obligations, as well as cash flow to contribute toward working capital and operating activities *Operating Income, as Adjusted and EBITDA, as Adjusted is a non-GAAP financial measure (see reconciliation on last page of presentation) 12

Company Highlights • RECRO CDMO: Revenue and cash flow positive contract development and manufacturing (CDMO) business – Q3 2019 – Revenue $25.3 million; YTD 2019 – Revenue $81.6 million – 2019 Full Year Financial Guidance Revenue of approximately $98-100 million – Operating Income expected to be in the range of $40-44 million – EBITDA (as Adjusted*) Full Year Financial Guidance of $48-50 million • Cash position – $37.9 million as of September 30, 2019 • Company achieved consolidated operating profitability in Q3 2019 and generated $4.8 million in cash from operations and expects to remain cash flow positive for the second half of 2019 (excluding the impact from any strategic transactions) • Signed Multi-year Manufacturing and Supply Agreement with Novartis to supply Ritalin LA® and Focalin XR® Capsules for five years and six year amendment to License and Supply Agreement with TEVA to supply Verapamil SR® for six years • IV Meloxicam / Baudax Bio Form 10 Effective as of November 13, 2019; Distribution Date November 21, 2019 Ø October 2019 – Appeal granted for the IV Meloxicam New Drug Application (NDA). The company is preparing a comprehensive response to the U.S. Food and Drug Administration (FDA) for re-filing • Spin out of Acute Care Segment into a new entity named Baudax Bio (NASDAQ) in Q4 *EBITDA, as Adjusted is a non-GAAP financial measures (See reconciliation on last page of presentation). 13Company Highlights • RECRO CDMO: Revenue and cash flow positive contract development and manufacturing (CDMO) business – Q3 2019 – Revenue $25.3 million; YTD 2019 – Revenue $81.6 million – 2019 Full Year Financial Guidance Revenue of approximately $98-100 million – Operating Income expected to be in the range of $40-44 million – EBITDA (as Adjusted*) Full Year Financial Guidance of $48-50 million • Cash position – $37.9 million as of September 30, 2019 • Company achieved consolidated operating profitability in Q3 2019 and generated $4.8 million in cash from operations and expects to remain cash flow positive for the second half of 2019 (excluding the impact from any strategic transactions) • Signed Multi-year Manufacturing and Supply Agreement with Novartis to supplyRitalin LA® and Focalin XR® Capsules for five years and six year amendment to License and Supply Agreement with TEVA to supply Verapamil SR® for six years • IV Meloxicam / Baudax Bio Form 10 Effective as of November 13, 2019; Distribution Date November 21, 2019 Ø October 2019 – Appeal granted for the IV Meloxicam New Drug Application (NDA). The company is preparing a comprehensive response to the U.S. Food and Drug Administration (FDA) for re-filing • Spin out of Acute Care Segment into a new entity named Baudax Bio (NASDAQ) in Q4 *EBITDA, as Adjusted is a non-GAAP financial measures (See reconciliation on last page of presentation). 13

Reconciliation of Non-GAAP Financial Measures (unaudited) To supplement our financial results determined by U.S. generally accepted accounting principles ( GAAP ), we have also disclosed in the table below the following non-GAAP information for our Contract Development and Manufacturing Organization (CDMO): “Operating Income, as Adjusted” which is Operating Income without the impact of ASU, No.2014-09 as to remove the variability of timing of revenue recognized and expected cash receipt, and “EBITDA, as Adjusted” which is “Operating Income, as Adjusted” before interest, taxes, depreciation, amortization and non-cash stock-based compensation. We believe these non-GAAP financial measures are helpful in understanding our CDMO Business as it is useful to investors in allowing for greater transparency of supplemental information used by management. “EBITDA, as Adjusted” is used by investors, as well as management in assessing our performance. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, reported GAAP results. Further, Non-GAAP financial measures, even if similarly titled, may not be calculated in the same manner by all companies, and therefore should not be compared. CDMO Business Full Year Full Year Q3 YTD Full Year 2019 ($millions) 2017 2018 2019 Estimate Operating Income $25.4 $24.9 $37.3 $40 - $44 less: Revenue recognition * na $1.4 $5.4 $2.0 - $4.0 Operating Income, as Adjusted $25.4 $23.5 $31.9 $38 - $40 Depreciation $4.8 $4.8 $4.3 $5.6 Amortization of intangible assets $2.6 $2.6 $1.9 $2.6 Non-Cash stock-based compensation $1.0 $1.3 $1.3 $1.8 EBITDA, as Adjusted * $33.8 $32.2 $39.4 $48 - $50 * Impact of adoption of ASU, No. 2014-09 starting January 2018 14Reconciliation of Non-GAAP Financial Measures (unaudited) To supplement our financial results determined by U.S. generally accepted accounting principles ( GAAP ), we have also disclosed in the table below the following non-GAAP information for our Contract Development and Manufacturing Organization (CDMO): “Operating Income, as Adjusted” which is Operating Income without the impact of ASU, No.2014-09 as to remove the variability of timing of revenue recognizedand expected cash receipt, and “EBITDA, as Adjusted” which is “Operating Income, as Adjusted” before interest, taxes, depreciation, amortization and non-cash stock-based compensation. We believe these non-GAAP financial measures are helpful in understanding our CDMO Business as it is useful to investors in allowing for greater transparency of supplemental information used by management. “EBITDA, as Adjusted” is used by investors, as well as management in assessing our performance. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, reported GAAP results. Further, Non-GAAP financial measures, even if similarly titled, may not be calculated in the same manner by all companies, and therefore should not be compared. CDMO Business Full Year Full Year Q3 YTD Full Year 2019 ($millions) 2017 2018 2019 Estimate Operating Income $25.4 $24.9 $37.3 $40 - $44 less: Revenue recognition * na $1.4 $5.4 $2.0 - $4.0 Operating Income, as Adjusted $25.4 $23.5 $31.9 $38 - $40 Depreciation $4.8 $4.8 $4.3 $5.6 Amortization of intangible assets $2.6 $2.6 $1.9 $2.6 Non-Cash stock-based compensation $1.0 $1.3 $1.3 $1.8 EBITDA, as Adjusted * $33.8 $32.2 $39.4 $48 - $50 * Impact of adoption of ASU, No. 2014-09 starting January 2018 14

…focused on improving patients lives… November 2019…focused on improving patients lives… November 2019

Exhibit 99.2

Recro Pharma Announces Effectiveness of Baudax Bio Form 10 Registration Statement

Separation of Baudax Bio as Independent Company Expected to be Completed With Distribution on November 21, 2019

Baudax Bio Common Stock Approved for Listing on the NASDAQ Capital Market

MALVERN, Pa., November 13, 2019 – Recro Pharma, Inc. (NASDAQ:REPH), a pharmaceutical company with a high-performing revenue generatingcontract development and manufacturing (CDMO) division, today announced that the U.S. Securities and Exchange Commission (SEC) has declaredeffective the Registration Statement on Form 10 filed by Baudax Bio Inc. Recro expects to complete the separation of Baudax Bio into an independent,publicly traded pharmaceutical company focused on advancing promising, non-opioid analgesics and other products for acute care settings onNovember 21, 2019.

Recro’s board of directors approved the planned separation of Recro and Baudax Bio on November 5, 2019, and declared a special dividend distribution ofone share of Baudax Bio common stock for every two and one half shares of Recro common stock held as of the close of business on November 15, 2019,the record date for the distribution. Shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid onNovember 21, 2019.

There is no current market for Baudax Bio common stock. NASDAQ has approved the listing of Baudax Bio common stock on the NASDAQ CapitalMarket under the symbol “BXRX.” NASDAQ has advised that Baudax Bio common stock will begin trading on a “when-issued” basis under the symbol“BXRXV” on November 14, 2019.

Additionally, Recro expects that starting on November 14, 2019, common stock of Recro will trade on the NASDAQ Capital Market in two markets:“regular-way” under the symbol “REPH” and in the “ex-distribution” market under the symbol “REPHV.” Shares of Recro common stock trading under“REPH” will carry the right to receive shares of Baudax Bio common stock, if held as of the close of business on November 15, 2019. Shares of Recrocommon stock trading under “REPHV” will not carry the right to receive shares of Baudax Bio as part of the special dividend distribution. If shares ofRecro common stock are sold in the “regular-way” market after November 15, 2019 but before the distribution date, the shareholder is selling the right toreceive shares of Baudax Bio common stock with respect to such Recro shares as part of the distribution. Recro shareholders are encouraged to consultwith their financial advisors regarding the specific consequences of selling Recro common stock on or before that date.

Following the distribution, regular-way trading will commence on NASDAQ for Baudax Bio under the symbol “BXRX” and will continue for Recro underthe symbol “REPH.”

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Following the separation, Baudax Bio will be an independent, publicly traded pharmaceutical company focused on advancing promising, non-opioidanalgesics and other products for acute care settings.

About Recro Pharma, Inc.

Recro Pharma is a pharma services and pharmaceutical company that operates through two business segments, a revenue-generating contract developmentand manufacturing, or CDMO, segment, located in Gainesville, GA and an Acute Care segment primarily focused on products for the hospital and otheracute care settings. The Company’s CDMO segment leverages its formulation expertise to develop and manufacture pharmaceutical products using itsproprietary delivery technologies and other manufacturing services for commercial and development-stage partners who commercialize or plan tocommercialize these products. These collaborations can result in revenue streams including royalties, profit sharing, research and development andmanufacturing fees, which support continued operations for its CDMO segment.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements reflect Recro’s expectationsabout its future performance and opportunities that involve substantial risks and uncertainties, and include, without limitation, statements relating to theplanned spin-off of Recro’s acute care business, such as the completion and timing of the transaction, the anticipated timing and implementation of thespecial dividend distribution of Baudax Bio common stock to Recro shareholders, and the expected business operations and prospects for Baudax Bio andRecro following completion of the proposed spin-off. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,”“target,” “intend” and “expect” and similar expressions, as they relate to Recro or its management, are intended to identify such forward-lookingstatements. These forward-looking statements are based on information available to Recro as of the date of this press release and are subject to a number ofrisks, uncertainties, and other factors that could cause Recro’s performance to differ materially from those expressed in, or implied by, these forward-looking statements. Recro assumes no obligation to update any such forward-looking statements. Factors that could cause Recro’s actual performance tomaterially differ from those expressed in the forward-looking statements set forth in this press release include, without limitation: risks that the spin-offwill be completed in a timely manner or at all; risks of failure to satisfy any conditions to the spin-off; uncertainty of whether the anticipated benefits of thespin-off can be achieved; risks of unexpected costs or delays the Company’s ability to complete the spin-off; and risks and uncertainties associated with theCompany’s development and commercialization of products and product candidates that may impact or alter anticipated business plans, strategies andobjectives. The forward-looking statements in this press release should be considered together with the risks and uncertainties that may affect Recro’sbusiness and future results included in Recro’s filings with the Securities and Exchange Commission at www.sec.gov.

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CONTACT:

Investor Relations Contact:Argot PartnersSam Martin / Claudia Styslinger(212) 600-1902sam@argotpartners.comclaudia@argotpartners.com

Recro Pharma, Inc.Ryan D. Lake(484) 395-2436rlake@recropharma.com

Media Contact:Argot PartnersDavid Rosen(212) 600-1902david.rosen@argotpartners.com

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