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- The European Union has reportedly launched a new lawsuit against AstraZeneca plc (NASDAQ: AZN) that could lead to financial sanctions for the company, which the E.U. alleges has breached a supply contract for COVID-19 vaccines.
- The lawsuit is the E.U.'s second against AstraZeneca after the bloc took action at the end of April over delayed vaccine supplies.
- AstraZeneca has said the E.U.'s first legal action is without merit, saying that it complied with the contract, Reuters reported.
- E.U. lawyer Rafael Jafferali, speaking in a Belgian court, asked AstraZeneca to deliver a total of 120 million vaccine doses by the end of June.
- The company had initially committed to delivering 300 million vaccine doses from December to the end of June but has delayed shipments, having delivered only 50 million.
- AstraZeneca aims to ship 100 million shots by mid-year, which the company's lawyer Hakim Boularbah confirmed.
- Boularbah said AstraZeneca was not obliged to deliver the entire volume of doses set in the contract because it only committed to making its "best reasonable efforts" to achieve it.
- The company has cited production problems and export restrictions as reasons for its delayed supplies to the E.U.
- The E.U. lawyer also asked AstraZeneca to share confidential documents, a request which AstraZeneca opposes.
- Price Action: AZN shares are trading 0.74% lower at $53.98 during the market trading session on the last check Tuesday.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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