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Johnson & Johnson pays $50M to resolve its ugly divorce with Emergent BioSolutions

2024-07-09

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Emergent BioSolutions will receive $50 million from Johnson & Johnson to resolve a contract dispute over production of COVID-19 vaccines.

Emergent BioSolutionsl pay Emergent BioSolutions $50Johnson & Johnsone a two-year contract squabble and bring closure tCOVID-19 vaccines COVID-19-fated, government-arranged partnership between the biopharma giant and the contract manufacturer to produce COVID-19 vaccines.

Johnson & Johnsonling with Emergent BioSolutionschange Commission (SEC), J&J has agreed to pay Emergent $50 million by the end of this month to resolve the CDMO’s claims of breach of contract.COVID-19 vaccines COVID-19

In 2022, J&J terminated a five-year deal that called for Emergent to prodJ&J drug substance forEmergentOVID-19 vaccine. The Maryland manufacturer responded in an SEC filing that J&J was on the hook for $420 million for bailing on the agreement. Two months later, J&J filed its own breach of contract complaint against Emergent and asked for an arbitration.

The contrJ&J battle began after Emergent made high-profilEmergent at its sprawling Bayside plantJ&J BaCOVID-19 vaccine COVID-19where it was producing COVID vaccines for AstraZeneca and J&J. The mJ&Jakes caused millions of contaminated vaccine doses to be discarded and led the FDAJ&J hand control of the plant over to J&J in April 2021Emergent

Meanwhile, J&J was struggling wiEmergentblood clotting issues with its COVID vaccine, which led the FDA to limit its use in May 2022.COVID vaccines AstraZeneca FDA J&J

In responseJ&J the settlement agreement Monday, Emergent’s share price rose by 2%. Since the start oFDAhe year, its shares are up 214% as the company has shown signs of recovering from its COVID debacle.

In May, new CEO Joe Papa announced a restructuriEmergentincludes the closure of two of its plants in Maryland, including the Baltimore Bayside facility, and a staff reduction by 300 roles.

Three weeks ago, the company also announced the sale of its smaller, fill-finish Camden facility in Baltimore to Bora Pharmaceuticals for $30 million.

Last week, Emergent revealed that it had signed a U.S. government contract for more than $250 million to produce Bora Pharmaceuticalspiled for use against anthrax, botulism and smallpox. The company will produce the shots from its sites in Winnipeg, Canada, and Lansing, Michigan.

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