By Jared S. Hopkins
Moderna shares fell 3% Thursday afternoon, after reports that federal health officials are re-evaluating the company's $590 million contract to help develop a bird-flu vaccine.
Moderna was awarded the contract from the U.S. Department of Health and Human Services in January during the Biden administration to accelerate development of its mRNA-based vaccine, and as part of an effort to address growing concerns of a bird flu pandemic in humans.
The Trump administration is currently reviewing the contract, according to a person familiar with the matter.
"While it is crucial that the U.S. Department and Health and Human Services support pandemic preparedness, four years of the Biden administration's failed oversight have made it necessary to review agreements for vaccine production," an HHS spokesman said.
A bird-flu outbreak has plagued American farmers, infecting commercial and backyard poultry folks that has contributed to sky-high egg prices and dozens of people getting sick.
Moderna didn't comment on the matter.
Vaxart, another biotech in vaccine development, said recently in a regulatory filing that it received a stop-work order from the federal government regarding a Covid-19 vaccine.
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(END) Dow Jones Newswires
February 27, 2025 14:02 ET (19:02 GMT)
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