The COVID-19 vaccine succeeds in the final stage trials while Pfizer agrees to make a $60 million equity investment in Homology.
Shares of Pfizer, Inc. (PFE) soared up to 13% in the premarket following the update on the Phase 3 trials of the COVID-19 vaccine. The company along with BioNTech SE is eyeing towards achieving what the whole world has been waiting for.
The most wanted scientific advanceso far is the COVID-19 vaccine and Pfizer’s and BioNTech’s has come up with the most encouraging for it against the coronavirus battle.
The US pharmaceutical firm said that its mRNA-based vaccine candidate, BNT162b2, developed with German BioTech, is over 90% complete and shows an effective and efficient response in preventing SARS-CoV-2, the virus which causes COVID-19 infection.
Following the vaccine update, BioNTech shares surged 26%.
Pfizer shares are rallying with a heavy trading volume of 105 million. PFE kicked off the day at $41.86 jumping from the previous close of $36.40. As we write this at 11:11 A.M. EDT, PFE was trading at $39.83 soaring by 9.44%.
Pfizer Winning it for Humanity
More about the stake of the company and what it will bring to the firm, it is purely a statistical and technical or what we can say a business debate.
The entire world has suffered drastically from the global pandemic with over 1.25 million deaths. It is about humanity and Pfizer has become a big hope for the entire world. With this news circulating around the globe, people see Pfizer’s vaccine candidate as the most effective among all othersin the market.
The chairman and CEO of Pfizer, Dr. Albert Bourla said:
“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19.”
The Phase 3 trials findings are based on an interim analysis gathered from 94 confirmed COVID-19 participants. The participants were split between the one’s who got vaccinated and those who got a placebo, contracted COVID-19.
The vaccine candidate, BNT162b2, was reported to have over 90% effectiveness in preventing from the virus. For further data collection, the Phase 3 study will continue until 164 cases are recorded.
If the data hold up and as per the anticipation of the company, a key safety readout, this could possibly be it when the world finally takes a deep breath as it would mean the beginning of an end to the global pandemic.
Pfizer, Inc. intends to submit for Emergency Use Authorization (EUA) to the FDA, as soon as, the company obtains the required safety milestone. It is expected that the final safety milestone would be achieved by the end of this month.
Followed by the vaccine update, Pfizer, Inc. (PFE) also announced that it has agreed to invest $60 million in Homology. The company will purchase 5 million common stock shares of Homology at a per share price of $12. The closing of this transaction is expected on Nov. 10, 2020.