Johnson & Johnson said that they will begin on developing and manufacturing a new coronavirus vaccine with the U.S. government, after seizing over $1 billion deal with them.
They would be working closely with Biomedical Advanced Research and Development Authority (BARDA), an arm of the U.S. Department of Health and Human Services to extensively develop the vaccine that they had been working on since January.
Johnson & Johnson’s spokesperson, Seema Kumar have said that they would be splitting the billion-dollar investment with BARDA 50 to 50 and announced its plans to commence building manufacturing capacity for a billion doses of the vaccine.
They expect to have the early doses ready for emergency use by early January of the following year.
CEO of Johnson & Johnson, Alex Gorsky said that they are currently focused on conducting clinical trials to ensure that the vaccine works.
Johnson & Johnson’s shares closed up 8% at $133.01 in New York, they planned to take a not-for-profit approach to the product saying it was too early to discuss the exact pricing of the potential vaccine and is focused on serving the immediate public health need.
The company plans to start human trials before September and said it has two backup vaccines ready for development as well.