Johnson & Johnson shares rise after it strikes $1bn coronavirus vaccine deal with US government
Shares in pharmaceutical giant Johnson & Johnson rose today after it said it had agreed a $1bn (£810m) deal to supply the US government with coronavirus vaccine.
Johnson & Johnson said it would start human testing of its experimental coronavirus vaccine by September, with the goal of having it ready for emergency use in early 2021.
The deal with the US government would give it enough manufacturing capacity for more than 1bn doses of coronavirus vaccine, the company said.
Johnson & Johnson said the first batches could be available under emergency use authorisation by early 2021, much quicker than the 18 month period it normally takes for vaccines to be tested, approved and manufactured.
Johnson & Johnson’s shares rose 6.5 per cent to $131.43 today.
The company also committed more than $1bn of investment alongside US agency Biomedical Advanced Research and Development Authority to co-fund vaccine research, building on a previous collaboration.
The novel coronavirus, which began in the Chinese city of Wuhan, has killed 34,000 people across the globe.
Johnson & Jonson said in January it had begun working on a possible vaccine for the coronavirus, using the same technologies used to make its experimental Ebola vaccine.