Emergent to make Providence Therapeutics potential COVID-19 vaccine

(Reuters) – Emergent BioSolutions Inc (EBS.N) signed a five-year agreement with Canadian biotechnology company Providence Therapeutics to develop and manufacture its COVID-19 vaccine candidate for about $90 million.

Emergent will produce drug substances for Providence’s vaccine candidate, PTX-COVID19-B, as well as provide services for finished products such as filling the vaccine in vials at its Winnipeg facility in Canada.

The vaccine uses the messenger RNA (mRNA) technology, also used in COVID-19 shots developed by Moderna Inc (MRNA.O) and Pfizer Inc (PFE.N). Providence’s vaccine is currently being tested in a mid-stage trial in Canada.

A woman holds a test tube in front of displayed Emergent logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration

Emergent expects to manufacture tens of millions of doses of Providence’s shot in 2022, as well as batches of formulated bulk drug substance for the vaccine with the potential to yield hundreds of millions more doses.

The agreement covers cost for manufacturing services, studies to support global supply chain activities, as well as facility and equipment investments, the companies said on Tuesday.

Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

 

Reuters source:

https://www.reuters.com/business/healthcare-pharmaceuticals/emergent-make-providence-therapeutics-potential-covid-19-vaccine-2021-09-14