Benzinga | Sep 14, 2021 10:34AM EDT

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

* Emergent BioSolutions Inc (NYSE: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.