{"id":143846,"date":"2021-11-05T15:49:47","date_gmt":"2021-11-05T15:49:47","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143846"},"modified":"2021-11-05T15:49:47","modified_gmt":"2021-11-05T15:49:47","slug":"emergent-biosolutions-shares-plunge-by-more-than-42-after-u-s-cancels-deal-with-covid-vaccine-maker","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/emergent-biosolutions-shares-plunge-by-more-than-42-after-u-s-cancels-deal-with-covid-vaccine-maker\/","title":{"rendered":"Emergent Biosolutions shares plunge by more than 42% after U.S. cancels deal with Covid vaccine maker"},"content":{"rendered":"<ul>\n<li>Emergent Biosolutions shares plunged after the Covid vaccine maker and federal government &quot;mutually agreed&quot; to cancel its multimillion-dollar contract.<\/li>\n<li>It was awarded a $628 million U.S. government contract last year to help make the shots.<\/li>\n<li>The company will forgo $180 million due to the contract&#x27;s termination, executives told investors on a call.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>EBS<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>Emergent Biosolutions shares plunged by more than 42% on Friday after the company disclosed it &quot;mutually agreed&quot; with the federal government to cancel a $628 million contract after botching Covid-19 vaccine doses.<\/p>\n<p>The Maryland-based company was blamed in March for ruining millions of\u00a0Johnson &amp; Johnson&#x27;s Covid doses after the shots were contaminated with ingredients intended for the AstraZeneca vaccine. <\/p>\n<p>An inspection by the Food and Drug Administration later found its plant in Baltimore was unsanitary and unsuitable to manufacture the shots. In a\u00a013-page report, inspectors wrote that the facility used to manufacture the vaccine was &quot;not maintained in a clean and sanitary condition&quot; and was &quot;not of suitable size, design, and location to facilitate cleaning, maintenance, and proper operations.&quot; The U.S. would put J&amp;J in charge of the plant and end the production of the AstraZeneca vaccine at the facility.<\/p>\n<p>The company will forgo $180 million due to the contract&#x27;s termination, executives told investors on a call Thursday, according to a transcript by FactSet.<\/p>\n<p>It also said it will continue working with J&amp;J to produce its vaccines at the Baltimore plant as its deal with the company is separate from its contract with the federal government. As of late September, Emergent has contributed &quot;over 100 million dose equivalents of Covid vaccine&quot; for global distribution, the company told investors.<\/p>\n<p>The work &quot;we accomplished under the program and related task order contracts with the U.S. government served a critically important purpose,&quot; Emergent CEO Robert Kramer said on the call, &quot;one that our entire organization is immensely proud of.&quot;<\/p>\n<p>When he testified before a House committee in May, Kramer expressed disappointment that conditions at the plant caused the doses to become contaminated and required them to suspend manufacturing.<\/p>\n<p>Emergent spokesman Matt Hartwig told CNBC on Friday that the company and the federal government &quot;mutually agreed upon final payments to close out all open task orders and end the base CIADM contract.&quot;<\/p>\n<p>&quot;These are mutually agreed upon terminations for convenience and neither party is alleging breach of default by the other,&quot; he added.<\/p>\n<h2>CNBC Health &amp; Science <\/h2>\n<p>Read CNBC&#x27;s latest global coverage of the Covid pandemic:<\/p>\n<p>Pfizer CEO says Covid vaccines, boosters needed to break cycle of virus even with effective pills <\/p>\n<p>Pfizer says its Covid pill with HIV drug cuts the risk of hospitalization or death by 89%<\/p>\n<p>WHO warns that Europe is once again at the\u00a0epicenter\u00a0of the Covid pandemic\u00a0<\/p>\n<p>Businesses have until after the holidays to implement Biden Covid vaccine mandate<\/p>\n<p>Moderna shares fall after company cuts 2021 forecast for Covid vaccine sales<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/05\/emergent-biosolutions-shares-plunge-by-more-than-37percent-after-us-cancels-deal-with-covid-vaccine-maker.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emergent Biosolutions shares plunged after the Covid<\/p>\n","protected":false},"author":3,"featured_media":143845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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