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Stock Alert: BioNTech Up 65%; To Co-Develop Coronavirus Vaccine With Pfizer

Shares of BioNTech SE (BNTX) are currently gaining over 65% on Tuesday morning after the company announced that it will team up with pharma giant Pfizer Inc. (PFE) to develop a potential vaccine for coronavirus Covid-19.

The companies will jointly develop BioNTech's mRNA-based vaccine candidate BNT162 to prevent COVID-19 infection. The companies have singed 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 start working together immediately. Pfizer and BioNTech will use research and development sites from both companies, including in the US and Germany.

Mikael Dolsten, Chief Scientific Officer and President, Worldwide Research, Development & Medical, Pfizer, said, "We believe that by pairing Pfizer's development, regulatory and commercial capabilities with BioNTech's mRNA vaccine technology and expertise as one of the industry leaders, we are reinforcing our commitment to do everything we can to combat this escalating pandemic, as quickly as possible."

The coronavirus pandemic has so far infected nearly 179,000 people globally and killed more than 7,000.

BNTX is currently trading at $65.96, up $25.96 or 64.89%, on the Nasdaq.

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