Palantir Technologies Inc., a public company specializing in big data analytics, has secured a contract with the U.S. Food and Drug Administration. News of the deal has sent Palantir shares to increase roughly 21%.
The 3-year contract worth $44.4 million will allow the FDA’s Center for Drug Evaluation and Research to utilize Palantir software for analytics services. This will speed up reviews of potential new medicines and monitor safety of products. The contract also provides the services to the FDA’s Oncology Center of Excellence to aid in the development and review of cancer products and treatments.
Global government work now makes up over half of Palantir’s total revenue stream. In April the company was awarded $21 million in contracts with the U.S. Health and Human Services Department. Additionally, Palantir has secured over 100 deals with private companies and health groups since the start of the pandemic.
Palantir went public back in September this year. It was valued at over $20 billion, and has more than doubled share prices in the months since. The company reported in its third-quarter earnings that $163 million, or 68%, of its revenue came from U.S. government contracts.
This new bite was adapted from an article originally written by reporter Lizette Chapman for Bloomberg.
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