JNJ - Emergent Bio hurt by second steepest drop for the year as FDA inspects manufacturing site

With a ~12.6% drop today, Emergent BioSolutions (EBS) has witnessed its second steepest one-day loss for the year after announcing the ongoing FDA inspections at its Bayview manufacturing facility in Baltimore, Maryland.In late March, 15M doses of Johnson & Johnson's (JNJ) COVID-19 vaccine were rendered useless after a manufacturing mix-up at the facility.Announcing the initiation of the FDA investigation on April 12, Emergent Bio said that on April 16, 2021, at the request of the regulator it has agreed not to start manufacturing and quarantine the existing material at the site until the ‘completion of the inspection and remediation’ of the findings.Meanwhile, in addition to contaminated doses, the company is unable to release 62M doses of JNJ’s vaccine for bottling until FDA certifies the plant, the New York Times reported, another setback for the single-dose shot, the use of which is currently on hold due to safety concerns.

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Emergent Bio hurt by second steepest drop for the year as FDA inspects manufacturing site