Pfizer and BioNTech announced a $1.95 billion deal with the federal government for pre-purchase of 100 million doses of their experimental vaccine candidate.
The companies plan to begin final Phase 2 testing and Phase 3 clinical trials by the end of the month, according to aThey said they hope to begin the regulatory approval process to get a vaccine licensed by the Food and Drug Administration as early as October.
Pfizer, a U.S.-based company, and its collaborator BioNTech, a German company, expect to manufacture up to 100 million doses globally by the end of 2020 and potentially more than 1.3 billion doses by the end of 2021. Pfizer decided not to seek federal funding for development of its COVID-19 vaccine research, and this is the first financial transaction between the United States and the companies for a COVID-19 vaccine.
Pfizer will invest more than $1 billion in development, scaling and manufacturing."We are bearing all the risk in developing and manufacturing our COVID vaccine," a Pfizer spokeswoman said via email Wednesday.
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