Samsung BioLogics stocks retreat after rallying on vaccine deal
The company’s shares failed to preserve gains and finished 0.35% lower on Monday
Stocks impacted: Samsung BioLogics (207940), Moderna (MRNA)
Samsung Biologics signed a deal to manufacture Moderna’s COVID-19 vaccine at its local factory. Under the deal, the South Korean biopharmaceutical firm will provide the U.S. drugmaker with contract manufacturing organization services for its mRNA vaccine. The companies gave no details on how many vaccines will be made as part of the deal that will run through 2022. In a knee-jerk reaction to the deal, Samsung Biologics stocks rallied over 5%, However, the shares failed to preserve gains and finished 0.35% lower on Monday. Before the announcement, South Korean President Moon Jae-in visited U.S. President Joe Biden, and the two leaders promised to collaborate on vaccines. As a reminder, South Korea already had a deal with Moderna to procure 40 million doses of its vaccine, but no timeline had been agreed.
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