Palantir to Help FDA Review, Approve Drugs Under Three-Year Contract

Palantir Technologies (NYSE: PLTR) has received a potential three-year, $44.4M contract from the Food and Drug Administration to provide software that could be used to analyze data associated with drug reviews and inspections, Bloomberg reported Monday.

The FDA’s Center for Drug Evaluation and Research and the Oncology Center of Excellence will use Palantir software to facilitate the approval process for potential COVID-19 treatments and other drugs and track the safety of hand sanitizers and other items.

The report said government work now accounts for more than half of Palantir’s total revenue. The company is working on software for a new system – Tiberius – that could help federal health officials track the production, distribution and administration of COVID-19 vaccines.

Palantir went public through a direct listing in September and received a valuation of approximately $21B during its trading debut.

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