Emergent Secures Contract To Manufacture Providence Therapeutics' COVID-19 Vaccine Candidate

Emergent BioSolutions Inc EBS has signed a five-year agreement with Providence Therapeutics valued at about $90 million to develop and manufacture its COVID-19 vaccine candidate.
Emergent will produce drug substances for Providence's vaccine candidate, PTX-COVID19-B, and provide services for finished products at its Winnipeg facility in Canada.
Emergent expects to manufacture tens of millions of doses of Providence's shot in 2022 and batches of formulated bulk drug substances for the vaccine.
The agreement covers the cost for manufacturing services, studies to support global supply chain activities, and facility and equipment investments.
Price Action: EBS shares traded lower by 1.10% at $56.75 on the last check Tuesday.