Croda secures vaccine contract with Pfizer

Specialty chemical company Croda International said on Tuesday that it has entered into an agreement with US-based Pfizer to supply novel excipients used in the manufacture of a Covid-19 vaccine candidate.

Set to run for five years, the agreement awards Croda an initial supply contract for four component excipients used in the production of the vaccine candidate for the first three years of the contract.

Demand remains subject to relevant approvals, Croda said.

Chief executive officer Steve Foots said: "I'm very proud of Croda's involvement in the battle to fight the most significant pandemic that we have seen in a generation. The application of our innovative capabilities is testament to the strong progress we have made to create industry-leading drug delivery systems, focused on developing speciality excipients and adjuvants to improve the effectiveness and stability of complex drug actives and vaccines."

Croda shares shot higher on the news and by 1400 GMT, were trading up 6.5% at 6,624p.

Pfizer announced on Monday that the Covid-19 vaccine it is developing with BioNTech had shown 90% efficacy in interim analysis.