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Friday, January 15, 2021

PFE Becomes the First Biotech Company to Get Approval for the Coronavirus Vaccine

The stocks of PFE jumped quite a lot after the pharmaceutical company received the authorization for the coronavirus vaccine. The company had been paired up with BioNTech of the United Kingdom to create the first successful vaccine. To put things in context, PFE has created the only vaccine so far which has finished its Phase 3 testing. This simply entails that the vaccine would be getting approval everywhere. The drug is also the first medicine that is based on the technology of the RNA to get approved. 

Albert Bourla, the CEO of PFE mentioned that getting the vaccine authorized was always the first goal- something they had been working on ever since the disaster hit. The company was immensely thankful to the Medicines and Healthcare Products Regulatory Agency because they managed to carefully assess and take actions to protect the citizens of the country. 

What Happened to the Stocks of PFE?

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The success of PFE did help in the stock market too, as the stocks of the company popped at around 3.5% to land at 40.80. The shares of the partner company BioNTech also rose 6.2% to finish at 121.09. Moderna, another pharma company working on the vaccine managed to cut down on their losses as they closed at 143. 

The pharma companies like Pfizer and BioNTech have had a deal with the government of the United Kingdom to supply them with 40 million doses of the vaccine by the end of 2020 and 2021. With the vaccines already approved, the first batch should reach the United Kingdom in the next few days. 

After this, the companies would be awaiting authorization in other countries in Europe, as well as the USA. In the Americas, the vaccine of PFE will have to undergo a committee meeting by the FDA on the 10th of December to weigh the pros and cons of the vaccine. 

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