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Stock Alerts: BioNTech SE, Pfizer To Co-develop Potential Coronavirus Vaccine

Shares of Germany's BioNTech SE (BNTX) are up more than 50% in pre-market hours and trading at $61, following an announcement that the company and Pfizer Inc. (PFE) would jointly develop a potential vaccine for coronavirus.

The companies will jointly develop BioNTech's mRNA-based vaccine candidate BNT162 to prevent COVID-19 infection, and have agreed to a letter of intent regarding the co-development and distribution (excluding China).

The latest collaboration builds on a 2018 agreement between the two companies to develop mRNA-based vaccines for prevention of influenza. The companies will begin collaborating immediately, and finalize deal details, including financial terms, and all activities related to development, manufacturing and potential commercialization, over the next few weeks.

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