US health officials are reviewing a nearly $600 million contract awarded to Moderna for bird flu vaccines in the final days of the Biden administration. The evaluation is part of a broader effort to reassess spending on mRNA-based vaccines,

Shares of vaccine maker Moderna dropped more than 5% late Wednesday after reports that the Health and Human Services Department was re-evaluating its $590 million contract to develop a bird flu vaccine.

U.S. health officials are reevaluating a $590 million contract that was awarded to Moderna for the development of its bird flu vaccine, Bloomberg News reported on Wednesday, citing sources.