Shares of SIGA Technologies (NASDAQ:SIGA) experienced a 23% drop on Monday following a ruling that could make its government contracts ineligible.
SIGA announced it will appeal the Small Business Administration ruling, or face losing biodefense contracts worth as much as $2.8 billion. The ruling by the SBA said SIGA was not a small business, following complaints by its rival Chimerix.
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SIGA announced in October that it was chosen by the Department of Health and Human Services to supply 1.7 million courses of a smallpox drug worth $500 million in revenue for the national stockpile.