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The U.S. government announced on Wednesday it will pay Pfizer $1.95 billion to make and deliver 100 million doses of its COVID-19 vaccine from the BNT162 vaccine program if it receives approval from the FDA.
The vaccine, which is in Phase I/II testing, is being developed by Pfizer and its German biotech partner, BioNTech. The contract is part of "Operation Warp Speed," the U.S. government's plan to quickly ramp up the development and production of vaccines to prevent the spread of COVID-19.
“Through Operation Warp Speed, we are assembling a portfolio of vaccines to increase the odds that the American people will have at least one safe, effective vaccine as soon as the end of this year,” said HHS Secretary Alex Azar in the statement. “Depending on success in clinical trials, today’s agreement will enable the delivery of approximately 100 million doses of vaccine being developed by Pfizer and BioNTech.”
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The deal also allows the U.S. government to acquire an additional 500 million doses, according to a statement from the Department for Health and Human Services.
Shares of Pfizer and BioNTech were rising sharply in pre-market trading on Wednesday, gaining more than 5 and 6 percent, changing hands at $38.63 and $97.53, respectively.
Earlier this week, a study (which has yet to be peer-reviewed) from both companies pointed out that the vaccine demonstrated it was safe and produced an immune response in patients, while also showing a high-level of T-cell responses against the novel coronavirus. Data were collected from 60 healthy patients in a trial that took place in Germany, according to a company statement.
The first dosing of the BNT162 vaccine program began in Germany in early May, Fox News previously reported.
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As of Wednesday morning, more than 14.9 million coronavirus cases have been diagnosed worldwide, more than 3.9 million of which are in the U.S., the most impacted country on the planet.
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