Economy

Moderna COVID-19 vaccine progress sends stock markets soaring

Moderna COVID-19 vaccine progress sends stock markets soaring”

The announcement had been expected for several days after the companies said that a completed study of trials of the product showed it was 95 percent effective in protecting people from infection.

Pfizer on Friday announced that it is moving ahead with its request of asking the U.S. regulators to allow emergency use of its Covid-19 vaccine, which has shown 95 per cent efficacy in a totality of two data sets released in the last 10 days.

BioNTech SE and Moderna Inc. could receive conditional European Union marketing authorization for their Covid-19 vaccines in the second half of next month, according to the head of the EU's executive arm, putting the bloc on track to start distributing the shots at the same time as the U.S.

United States company Moderna plans to apply for approval for it's vaccine in the coming weeks.

"The companies will be ready to distribute the vaccine candidate within hours after authorization", their statement said.

More news: Ebola outbreak declared over in DR Congo

Over the next few weeks, the U.S. Food and Drug Administration and its scientific advisers will decide if there's enough evidence to allow emergency vaccinations. "Not only with Moderna-the government is also in communication with Pfizer, Serum Institute, Bharat Biotech and Zydus Cadila for their COVID-19 vaccine candidate in terms of safety, immunogenicity and efficacy", a senior government official said.

The speed with which these vaccines have been developed as the pandemic wreaks havoc around the world has no precedent.

The extraordinary results have sparked euphoria as the unprecedented compression of vaccine development timelines from years to months looks to be paying off.

This announcement follows that by United States giant Pfizer and Germany's BioNTech last week that their vaccine was found to be more than 90 per cent effective.



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