- Palantir surged as much as 17% on Monday after a Bloomberg report said the data-mining firm won a three-year contract with the FDA worth $US44 million.
- Palantir’s software will help drive the FDA’s drug reviews and inspections, according to the report.
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The contract is worth $US44.4 million, Bloomberg said, adding that it will allow the FDA to utilise Palantir’s software to integrate and analyse data.
Specifically, the software will help the FDA approve drugs and monitor the safety of items like hand sanitizer, Bloomberg said.
The FDA is one of many government agencies that utilise Palantir’s software. In April, Palantir was awarded a $US21 million contract with the US Health and Human Services Department, and the company is being utilised in Operation Warp Speed to help drive the distribution of COVID-19 vaccines to the American population.
The contract comes as Palantir stock experiences volatile trades. The company, which debuted to the public via its September IPO, had more than tripled at its late November peak.
Still, despite the choppy trading, shares of Palantir are up 170% since its September IPO, as of Monday afternoon.