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 *
SARGEN GREGORY
   2. Issuer Name and Ticker or Trading Symbol
CAMBREX CORP [CBM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President-Finance
(Last)
(First)
(Middle)
ONE MEADOWLANDS PLAZA		 3. Date of Earliest Transaction (Month/Day/Year)
11/15/2006
(Street)

EAST RUTHERFORD, NJ 07073		 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 11/15/2006   M   75,000 A $ 18.675 76,000 D  
Common Stock 11/15/2006   M   7,000 A $ 20.72 83,000 D  
Common Stock 11/15/2006   M   5,000 A $ 21.9025 88,000 D  
Common Stock 11/15/2006   S   500 D $ 22.5 87,500 D  
Common Stock 11/15/2006   S   100 D $ 22.55 87,400 D  
Common Stock 11/15/2006   S   900 D $ 22.56 86,500 D  
Common Stock 11/15/2006   S   1,600 D $ 22.57 84,900 D  
Common Stock 11/15/2006   S   2,600 D $ 22.58 82,300 D  
Common Stock 11/15/2006   S   2,100 D $ 22.59 80,200 D  
Common Stock 11/15/2006   S   8,600 D $ 22.6 71,600 D  
Common Stock 11/15/2006   S   600 D $ 22.61 71,000 D  
Common Stock 11/15/2006   S   15,500 D $ 22.62 55,500 D  
Common Stock 11/15/2006   S   700 D $ 22.63 54,800 D  
Common Stock 11/15/2006   S   1,600 D $ 22.64 53,200 D  
Common Stock 11/15/2006   S   2,000 D $ 22.65 51,200 D  
Common Stock 11/15/2006   S   1,700 D $ 22.66 49,500 D  
Common Stock 11/15/2006   S   3,100 D $ 22.67 46,400 D  
Common Stock 11/15/2006   S   3,900 D $ 22.68 42,500 D  
Common Stock 11/15/2006   S   7,100 D $ 22.69 35,400 D  
Common Stock 11/15/2006   S   1,100 D $ 22.7 34,300 D  
Common Stock 11/15/2006   S   400 D $ 22.71 33,900 D  
Common Stock 11/15/2006   S   3,300 D $ 22.72 30,600 D  
Common Stock 11/15/2006   S   1,000 D $ 22.73 29,600 D  
Common Stock 11/15/2006   S   500 D $ 22.74 29,100 D  
Common Stock 11/15/2006   S   800 D $ 22.76 28,300 D  
Common Stock 11/15/2006   S   800 D $ 22.77 27,500 D  
Common Stock 11/15/2006   S   300 D $ 22.78 27,200 D  
Common Stock 11/15/2006   S   200 D $ 22.79 27,400 D  
Common Stock 11/15/2006   S   400 D $ 22.8 27,000 D  
Common Stock 11/15/2006   S   400 D $ 22.92 26,600 (4) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Stock Option (Right to Buy) $ 18.675 11/15/2006   M     75,000 04/24/2004(1) 04/24/2010 Common Stock 75,000 $ 0 0 D  
Stock Option (Right to Buy) $ 20.72 11/15/2006   M     7,000 12/31/2005(2) 07/25/2012 Common Stock 7,000 $ 0 0 D  
Stock Option (Right to Buy) $ 21.9025 08/23/2004   M   5,000   12/31/2004(3) 08/23/2011 Common Stock 5,000 $ 0 5,000 D  
Stock Option (Right to Buy) $ 21.9025 11/15/2006   M     5,000 12/31/2004(3) 08/23/2011 Common Stock 5,000 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SARGEN GREGORY
ONE MEADOWLANDS PLAZA
EAST RUTHERFORD, NJ 07073		       Vice President-Finance  

Signatures

 Linda Kresse for Gregory P. Sargen by POA   11/16/2006
**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) First one-quarter of said grant exercisable in whole or in part one year from the date of grant, with a further one quarter of each such grant becoming exercisable on each of the next three anniversaries of such grant date. Vesting of this grant was accelerated by the Compensation Committee of the Board of Directors on June 1, 2005.
(2) The sales restrictions on this grant to reporting person were lifted On November 2, 2006 by the Compensation Committee of the Board of Directors.
(3) Exercisable in one-quarter increments over four years from the date of grant. Vesting of this grant to reporting person was accelerated by the Compensation Committee of the Board of Directors on June 1, 2005.
(4) 200 shares at $22.79; 400 shares at $22.80; 400 shares at $22.92; 300 shares sold at $22.94; 10,000 shares sold at $22.95; 100 shares sold at $22.96; 12,600 shares sold at $22.97; 400 shares sold at $22.98; 800 shares sold at 22.99; 1,000 shares sold at $23.00. Amount of Securities benefically owned following reported transactions 1,000 shares directly held.

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