PYX Resources: Achieving volume and diversification milestones. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAstrazeneca Share News (AZN)

Share Price Information for Astrazeneca (AZN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 12,110.00
Bid: 12,086.00
Ask: 12,088.00
Change: -56.00 (-0.46%)
Spread: 2.00 (0.017%)
Open: 12,186.00
High: 12,198.00
Low: 12,068.00
Prev. Close: 12,166.00
AZN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-AstraZeneca contract, at heart of row, includes UK as 'best effort' base for output to EU

Fri, 29th Jan 2021 11:40

(Adds more on "best reasonable efforts")

By Philip Blenkinsop

BRUSSELS, Jan 29 (Reuters) - The European Commission's
contract with AstraZeneca to supply COVID-19 vaccines
includes Britain along with the EU as places where the
Anglo-Swedish drugmaker should make its best efforts to
manufacture vaccines for the EU.

The contract is at the heart of a dispute over access to
vaccines, after AstraZeneca announced last week it would fall
short of delivering promised vaccines to the EU by March because
of production problems in Belgium.

The EU, whose member states are far behind Israel, Britain
and the United States in rolling out vaccines, is standing its
ground, pressing the Anglo-Swedish drugmaker to deliver the
doses as promised in the contract.

AstraZeneca has been making large quantities of its vaccine
in Britain, but has said a contract it signed with the British
government requires it to fulfil Britain's order before it can
send doses manufactured there abroad, including to the EU.

The company agreed on Friday to publication of its advance
purchase agreement with the European Commission. The 41-page
contract was published https://bit.ly/2MBIaoU, although certain
parts were redacted.

The contract says that AstraZeneca must uses its "Best
Reasonable Efforts" to manufacture the EU doses, but the parties
disagree on what this means.

AstraZeneca's contention is that this is more of a
subjective assessment, but a commission official said on Friday
it was an objective legal standard.

The official pointed to a sentence in the contract by which
AstraZeneca says it is not under any obligation to others that
would impede complete fulfilment of the agreement's
requirements.

The commission also contends it does have the right to doses
made in Britain and refers to a section at the end of the
contract listing two British production sites.

"AstraZeneca shall use its Best Reasonable Efforts to
manufacture the vaccine at manufacturing sites located within
the EU (which for the purpose of this Section 5.4 only shall
include the United Kingdom)," the contract says in a section on
manufacturing sites.

At the time the contract was signed, Britain had left the EU
but was still subject to most EU rules in a transition period
which ended at the start of this year.

The contract goes on to say that AstraZeneca may manufacture
at facilities elsewhere to accelerate supply of the vaccine in
Europe, provided that it gives prior notification.

The contract does not say whether AstraZeneca is obliged to
send vaccines produced in Britain to the European Union.

Asked whether Britain would publish its own contract with
the company, a spokesman for Prime Minister Boris Johnson said
it was policy not to discuss contractual matters.

The commission official did recognise that a legal challenge
would not necessarily result in more vaccines being made
available, a view broadly shared by EU governments despite
Italy's request for legal action.

"The centre of gravity of opinion is more like: 'let's try
and thrash out something with these guys'," one senior EU
diplomat said.

The commission said it welcomed the company's commitment
towards more transparency.

AstraZeneca and the EU had signed a deal for up to 400
million doses of the vaccine. Last week, the firm unexpectedly
announced cuts of up to 60% in supplies to the bloc, citing
production problems at a Belgian factory, triggering a furious
response from the bloc.

The EU is now looking into a scheme to monitor and authorise
export of vaccines, potentially blocking them if its own supply
is not met.

(Reporting by Philip Blenkinsop, John Chalmers and Francesco
Guarascio in Brussels and Pushkala Aripaka in Bengaluru
Editing by John Chalmers and Nick Macfie)

More News
5 Dec 2023 10:02

LONDON BROKER RATINGS: Goldman lifts Landsec and British Land

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
1 Dec 2023 08:52

LONDON MARKET OPEN: Miners give FTSE 100 boost thanks to China PMI

(Alliance News) - Stock prices in London opened higher on Friday, with the FTSE 100 boosted by mining stocks.

Read more
1 Dec 2023 08:33

AstraZeneca discontinues two phase III evidence trials for Lokelma

(Alliance News) - AstraZeneca on Friday said it has decided to discontinue the Stabilize-CKD and Dialize-outcomes phase III trials for Lokelma, citing increased enrolment timelines.

Read more
1 Dec 2023 08:01

AstraZeneca calls off two phase III trials into hyperkalaemia treatment

(Sharecast News) - Drugmaker AstraZeneca has called off two phase III trials on its hyperkalaemia treatment after a series of logistical challenges.

Read more
1 Dec 2023 07:41

LONDON BRIEFING: Stocks called higher; UK house prices fall annually

(Alliance News) - Stocks in London are called to open higher on Friday, following data from Nationwide showing that the annual pace of UK house price decline slowed in November.

Read more
27 Nov 2023 16:12

London close: Stocks start week in subdued state

(Sharecast News) - London's financial markets saw a somewhat subdued performance on Monday, as concerns regarding the Chinese economy cast a shadow over investor sentiment.

Read more
27 Nov 2023 09:20

LONDON BROKER RATINGS: Peel, Numis up Rightmove; Goldman cuts Entain

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
23 Nov 2023 18:41

IN BRIEF: AstraZeneca Chair Demare buys shares for over GBP200,000

AstraZeneca PLC - Cambridge-based pharmaceutical company - Chair Michel Demare buys 2,000 shares in total on Wednesday and Tuesday. Buys 1,000 shares for GBP101.05 each on Tuesday and 1,000 shares for GBP101.70 each on Thursday, for a total of GBP202,752.

Read more
20 Nov 2023 10:49

AstraZeneca launches new life sciences tech innovation firm Evinova

(Alliance News) - AstraZeneca PLC on Monday launched Evinova, a new health technology business focused on accelerating innovation across the life sciences sector, delivery of clinical trials and better health outcomes.

Read more
17 Nov 2023 15:20

London close: Stocks higher despite weaker retail sales data

(Sharecast News) - London's stock markets finished in a positive state on Friday despite weaker-than-expected UK retail sales figures.

Read more
17 Nov 2023 12:00

LONDON MARKET MIDDAY: Stocks shrug off downbeat UK retail sales

(Alliance News) - Stock prices in London were up at midday on Friday, as a week of favourable data as far as inflation goes gave investors a reason to overlook disappointing UK retail sales figures.

Read more
17 Nov 2023 09:03

LONDON MARKET OPEN: Stocks up despite UK retail sales growth miss

(Alliance News) - Stock prices in London opened higher on Friday, despite weaker-than-expected October retail sales figures for the UK.

Read more
17 Nov 2023 08:31

TOP NEWS: US approves AstraZeneca's Truqap for form of breast cancer

(Alliance News) - AstraZeneca PLC on Friday said that the US Food & Drug Administration approved its drug Truqap in combination with Faslodex to treat patients with an advanced form of breast cancer.

Read more
17 Nov 2023 07:58

LONDON BRIEFING: UK retail sales fall; AstraZeneca gets US approval

(Alliance News) - Stock prices in London are still set to open higher on Friday, despite October retail sales figures for the UK disappointing shortly before the opening bell.

Read more
17 Nov 2023 07:16

AstraZeneca gets US approval for breast cancer treatment

(Sharecast News) - AstraZeneca's 'Truqap', or capivasertib, in combination with 'Faslodex', or fulvestrant, has secured approval from the US Food and Drug Administration (FDA) for specific breast cancer treatments, the company announced on Friday.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.