Benzinga | Sep 3, 2021 08:15AM EDT

AstraZeneca, EU Reach Settlement On COVID-19 Vaccine Delivery

* AstraZeneca Plc (NASDAQ:AZN) and the European Commission have settled on the delivery of pending COVID-19 vaccine doses by the Company.

* The agreement ends legal proceedings over the execution of the Advance Purchase Agreement.

* Brussels had initiated legal proceedings against AstraZeneca in April. Court hearings were scheduled for the end of September 2021.

* Related: AstraZeneca Can Face Legal Action Over Vaccine Shortfalls To EU.

* AstraZeneca will deliver 60 million doses of its vaccine, Vaxzevria, by the end of Q3 of 2021, 75 million by the end of Q4 of 2021, and 65 million by the end of Q1 2022.

* The EU's executive body said that member states would be provided with regular delivery schedules under the new agreement. If there were any delayed doses, capped rebates would be applied.

* Price Action: AZN stock closed 1.48% higher at $59.59 on Thursday.