Emergent shares dive after US govt. cancels deal

Friday, 05. November 2021 16:53

Share prices of Emergent BioSolutions Inc. fell more than 40% on Friday, following the cancellation of its deal worth $628 million with the United States government to produce COVID-19 vaccines.

The company revealed details of the termination during its earnings call on Thursday, including that it stands to lose about $180 million as a result.

The biopharmaceutical firm attracted controversy earlier in the year when it was discovered that doses of Johnson & Johnson jabs were contaminated with ingredients of the AstraZeneca vaccine, a consequence of the decision to manufacture both in the same facility.

Related Links: AstraZeneca plcJohnson & JohnsonEmergent Biosolutions Inc.
Author:
Baha Breaking the News (BBN) / IB