Trump to announce $750 million deal with Abbott for at least 150 million rapid coronavirus tests

An indication shows a brand new rapid coronavirus take a look at on the brand new Abbott ID Now machine at a ProHEALTH middle in Brooklyn on August 27, 2020 in New York City. The transportable Abbott ID Now makes use of a nasal swab to detect acute and infectious instances of COVID-19. ProHEALTH is providing the brand new service, which might ship a take a look at end in a s little as 15 minutes, at its facilities within the tri-state space.

Spencer Platt | Getty Images

President Donald Trump plans to announce Thursday the acquisition of 150 million rapid Covid-19 tests as a part of a $750 million settlement with Abbott Laboratories, a White House official confirmed to CNBC. 

Trump plans to use his speech at the Republican National Convention to announce the deal, the official mentioned.

“Under President Trump’s leadership, the U.S. is leading the world in testing,” White House communications director Alyssa Farah mentioned in an announcement to CNBC. “This is a major development that will help our country to remain open, get Americans back to work, and kids back to school. The Trump Administration is proud to partner with Abbott labs to make this purchase possible to help the American people.”

The Food and Drug Administration granted emergency use approval late Wednesday to Abbott for its new coronavirus antigen take a look at, which is the primary Covid-19 take a look at that it says prices about $5 and delivers leads to minutes on a testing card with out lab gear, comparable to a being pregnant take a look at. 

Shares of Abbott jumped by greater than 9% in intraday buying and selling Thursday.

Abbott mentioned in an announcement after it obtained FDA authorization that it’ll “ship tens of millions of tests in September, ramping production to 50 million tests a month in October.”

Representatives of Abbott Labs didn’t instantly return CNBC’s request for remark. Representatives of the Department of Health and Human Services declined to remark.

The take a look at, known as BinaxNOW, is an antigen take a look at, that are considerably extra doubtless to incorrectly diagnose somebody as adverse when they’re in truth contaminated with Covid-19 than molecular tests. While molecular tests are probably the most correct available on the market, they rely upon technical lab gear, skilled personnel and a strained provide chain, which makes scaling up molecular tests to an enormous scale tough. 

“Due to the potential for decreased sensitivity compared to molecular assays, negative results from an antigen test may need to be confirmed with a molecular test prior to making treatment decisions,” the FDA mentioned in its authorization of the BinaxNOW take a look at. “Negative results from an antigen test should be considered in the context of clinical observations, patient history and epidemiological information.”

The take a look at is at present solely approved for use in sufferers suspected to have Covid-19 and “within seven days of symptom onset,” the FDA says, that means it’s not approved to take a look at asymptomatic or presymptomatic folks. 

“This test could be used at point-of-care settings, like a doctor’s office, emergency room or some schools,” the FDA says. “Given the simple nature of this test, it is likely that these tests could be made broadly available.”

This is breaking information. Check again right here for updates.

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