On Tuesday, the Financial Times reported that amid a recent spike in Covid-19 infections in the Eurozone, the European Union is in negotiations with Moderna over setting up a new procurement arrangement for the company’s Covid-19 vaccines, according to two sources familiar with the matter.

During the pandemic, Moderna supplied its vaccines to the European Union, however the contract the bloc had inked for the Omicron-adjusted vaccines expired in August of last year, and was not renewed.

According to the report, at least eight nations in the bloc are looking to set up a new supply deal, according to one of the sources.

A spokesperson for the company said, “Moderna manufactured its updated COVID-19 vaccine at risk to ensure we could support member states with their upcoming vaccination campaigns,” adding the updated vaccine has already gained approval for use within Europe, and is ready for delivery.

Moderna’s stock has been underperforming lately, having slipped to $98.17 Monday in its fourth consecutive day of losses, despite Monday being an overall fantastic day for the markets.

Moderna closed $119.98 off its 52 week high of $217.25, which it had seen in December 14th.