Abbott Labs to Sell 20.5 Million COVID-19 Antigen Tests to Canadian Government

Abbott Laboratories (NYSE: ABT) has signed a deal with the government of Canada to potentially supply around 21 million of its Panbio COVID-19 tests, the latter announced on Tuesday. The move closely follows the approval of the test by Health Canada, the nation's healthcare industry regulator.

Panbio is an antigen test that can produce results on the spot in 20 minutes. It is also portable, making it ideal for testing in point-of-care sites outside of standard medical facilities.

This should alleviate the overcrowding seen at official testing centers in certain parts of the country. Some areas -- for instance, the province of Ontario, home to Ottawa, the capital -- are also struggling with a backlog of tens of thousands of samples from other tests that have yet to be evaluated.https://www.cbc.ca/news/politics/health-canada-antigen-test-abbott-1.5751939 

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Source Fool.com