Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tour operator TUI AG Tuesday said Summer 2020 and Winter 2020/21 capacity reduced as a result of recent volatile changes in travel restrictions amid Covid-19 pandemic. The company further announced the launch of Global Realignment Programme, aiming to permanently reduce overhead cost base by 30%. The program potentially impacts 8,000 roles. Home improvement retailer Lowe's Companies Inc. plans to install pickup lockers at all U.S. stores aiming to improve contactless delivery for online buyers amid worsening Covid-19 spread. The "Buy Online Pickup in Store" self-service lockers at its more than 1,700 stores will be available by the end of March 2021. In most major metro markets, the online pickup option will be installed by Thanksgiv Chevrolet, a General Motors division, announced several new mechanical and technological updates for the 2021 model of its fast selling Chevrolet Silverado 1500 light duty pickup trucks. The 2021 Silverado 1500 will begin production in September and arrive at Chevrolet dealerships throughout fall 2020.
Follow RTT