JNJ - Johnson & Johnson breached vaccine contract Emergent says

Contract manufacturer Emergent BioSolutions (NYSE:EBS) disclosed on Monday that the company notified Johnson & Johnson (JNJ) of a material breach of a contract between the two parties to produce the pharma giant’s COVID-19 shot. Janssen Pharmaceuticals of J&J (JNJ) and Emergent’s (EBS) subsidiary Emergent Manufacturing Operations Baltimore, LLC signed an agreement in July 2020 for drug substance manufacturing of the COVID-19 shot for up to five years. On June 06, the Emergent (EBS) unit has informed Janssen that the latter has breached the contract, which was originally valued at nearly $480M in the first two years of the contract. As reasons, it has cited, among other things, decision by Janssen to end the deal without meeting its minimum requirements. Emergent (EBS) estimates that the company is entitled to approximately $125M – $420M from its partner at the time of its notice to Janssen if the deal were to be ended. A

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Johnson & Johnson breached vaccine contract, Emergent says