Category: Covid-19 Vaccine

Philanthropists Bill and Melinda Gates will give another $70 million to the development and eventual distribution of a COVID-19 vaccine, their foundation announced on Thursday.

Melinda Gates, who co-chairs the Gates Foundation, plans to announce the additional funding at the Paris Peace Forum, where international organizations are meeting to discuss responses to the pandemic.

The Gates Foundation will provide another $50 million to the COVAX Advance Market Commitment (AMC), which is run by the GAVI vaccine alliance and aims to provide access to vaccines for 92 low- and middle-income countries.

Another $20 million will go to the Coalition for Epidemic Preparedness Innovations (CEPI), which co-funds several vaccine efforts as they go through trials and the approval process.

COVID-19 anywhere is COVID-19 everywhere, Melinda Gates said in a statement. That is why we have to ensure that everyone gets equal access to tests, drugs, and vaccines when they are available no matter where you live in the world.

Our pledge today, alongside the generous commitments made by France, the European Commission, and Spain, means we are getting closer to having the resources needed to help the world fight this virus, she added. But we still have a long way to go.

Thursdays announcement brings the Gates Foundations total contribution to COVAX AMC to $156 million, as the philanthropists hope their donation will inspire other international donors. The foundations contribution also unlocked an additional $16.2 million from the U.K. government.

GAVI said COVAX set a goal of getting 2 billion doses of COVID-19 vaccines by the end of next year, making almost half available to poorer countries, Reuters reported.

The World Health Organization is working with CEPI and GAVI on the Access to COVID-19 Tools (ACT) Accelerator, an effort to provide fair access to coronavirus drugs and vaccines.

The donation comes after Pfizer announced earlier this week that its COVID-19 vaccine is more than 90 percent effective.

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Bill and Melinda Gates give another $70 million to COVID-19 vaccine development | TheHill - The Hill

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases and the leading government expert in infectious diseases for the past four decades, gave his estimate of when a vaccine will be available to all Americans: Were talking probably by April. The veteran immunologist said frontline workers, those with pre-existing conditions, and vulnerable members of the population will be first in line.

But for those who wish to avail themselves of Pfizer and BioNTechs vaccine, assuming it progresses smoothly, Fauci has a timeline. I believe within the first quarter, he told CNNs Jake Tapper Wednesday. We have a lot of people in this country who may not want to get vaccinated right away. Thats why were talking about this leading to the second or third quarter to get people convinced to get vaccinated.

The news of this vaccine is really extraordinary.

Help is coming, and its coming soon, he added. We likely will be able to start dispensing vaccines in December. When we get both of those things together vaccine and public health measures that would really be a game changer.

On Monday, Pfizer, BioNTech said their COVID-19 vaccine candidate BNT162b2 is 90% effective in first interim analysis of Phase 3 study in trial participants without previous evidence of SARS-CoV-2 infection. Pfizer Chief Executive Dr. Albert Bourla sounded an optimistic tone in a statement: Today is a great day for science and humanity.

Health professionals say the news has come not a moment too soon: The U.S. has recorded more than 1 million COVID-19 cases in 10 days.

The vaccine will need to be kept in freezing temperatures for distribution and will require two doses, and its not yet clear how long it will last. But Fauci told CNN that was not unexpected. Its a challenge that was anticipated, he said. That was part of the Warp Speed agenda.

The companies said they are planning to submit for Emergency Use Authorization (EUA) to the Food and Drug Administration soon after the safety milestones are met, which is currently expected in the third week of November. Assuming the vaccine is effective and reaches the market, there will be many logistical and distribution issues to solve in the months ahead.

The news of this vaccine is really extraordinary, Fauci said. He said the extremely high level of expected efficacy should help persuade more people to get vaccinated early, but he cautioned people not to abandon public-health measures like wearing a mask, washing hands, avoiding crowds and meeting others in public places outdoors.

Related: Joe Bidens pandemic plan

Some 60% of people said they are willing to take a vaccine if and when its released if they can reduce their chance of infection by half, according to a new survey by STAT News and the Harris Poll. Whats more, almost two-thirds said they would take a vaccine if it reduced their risk of contracting the coronavirus by 75%.The online survey was taken by 1,954 online between Oct. 29 and Oct. 31.

If were actually at 90%, its going to reinforce for two-thirds of Americans who are then much more likely to take the vaccine, although I think its fair to say that it doesnt need to be 90% effective to get that pull through, Rob Jekielek, managing director of the Harris Poll, told STAT. However, younger people are less likely to say theyll get the vaccine than older Americans.

While the U.S. makes up approximately 4% of the worlds population, it has had approximately 20% of all COVID-19 cases. As of Friday, the U.S. had reported 10.5 million COVID-19 infections and 242,436 deaths, just ahead of India (8.7 million cases to date). To put that in context: The U.S. has a population of 328 million people versus 1.35 billion in India.

The U.S. daily tally of coronavirus infections topped 160,000 on Thursday, a new daily record and 10th consecutive day of 100,000-plus new cases. Hospitals in the Midwest and southern states including Texas and Florida continued to feel the strain. Hospitalizations are at their highest level since the pandemic began, up 30% since Nov. 1, according to the Covid Tracking Project.

Before the BNT162b2 announcement, Fauci said that he was hopeful that a coronavirus vaccine could be developed by early 2021, but said he believed it was unlikely that a vaccine would deliver 100% immunity. Two months ago, he said the best realistic outcome, based on other vaccines, would be 70% to 75% effective. The measles vaccine is among the most effective, with 97% immunity.

In addition to BioNTech SE BNTX, +4.10% and partner Pfizer PFE, +1.85%, AstraZeneca AZN, +0.29%, in combination with Oxford University; Johnson & Johnson JNJ, +0.93% ; Merck & Co. MERK, -0.31% ; Moderna MRNA, +0.53% ; Sanofi SAN, +3.72% ; and GlaxoSmithKline GSK, +1.20% are among those also working toward COVID-19 vaccines.

The Pfizer-BioNTech vaccine collaboration did not receive public funding under the Trump administrations so-called Operation Warp Speed program, though an advance order was placed through that program in the event that the vaccine wins regulatory approval. Moderna and AstraZeneca did, the New York Times notes, accept Operation Warp Speed funds.

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Help is coming and its coming soon: Dr. Fauci outlines when COVID-19 vaccine will be available to all Americans - MarketWatch

This Fishers man is participating in a COVID-19 vaccine trial. Here's what he has to do.  The Indianapolis Star

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This Fishers man is participating in a COVID-19 vaccine trial. Here's what he has to do. - The Indianapolis Star

When the coronavirus pandemic first reached U.S. shoresearlier this year, worries abounded about how it would affect the countryshousing market.

Starting in March, home sales all but ground to a halt as Americans stayed at home to avoid getting sick. All the while, mortgage rates turned lower and lower and lower. The nation saw the beginnings of a boom in refinancing activity, as homeowners welcomed the lowest interest rates on record.

A few months later, home-buying activity resumed with abandon. With low mortgage rates locked-in and a desire for more space amid the pandemic, Americans flooded the housing market in search of new homes. Even now in the fall, when home sales activity typically slows down with the cooler weather, Americans are still buying properties well ahead of last years pace.

In many ways, the pandemic has driven this home-buying craze, experts say. This has been an accelerant to lifestyle and behavior changes that were already underway, said Mark Fleming, chief economist at First American Financial Corp. FAF, -0.31%, a title insurance company. Case in point: The pandemic appears to have nudged the timeline forward for many millennial households who might have otherwise waited a few years to become homeowners.

But now, the end of the pandemic may be in sight. On Monday, the COVID-19 vaccine candidate from BioNTech BNTX, +4.08% and Pfizer PFE, +1.88% became the first to demonstrate it could protect people from contracting the illness in a Phase 3 clinical trial with a reported efficacy rate of 90%. Whats more, Pfizers vaccine candidate is taking a similar approach as some of the vaccines being developed by other companies, meaning that other vaccine candidates could hold similar promise.

While the world is still months away from seeing thedistribution of an approved vaccine, the vaccine news has improved spirits amonginvestors. But what would a COVID-19 vaccine mean for mortgage rates and thenations housing market? Heres what the experts say:

Often, economists predictions with regard to interest ratesdont pan out. Forecasting mortgage rates has been an economists foolserrand for years, Fleming said.

Back at the start of the pandemic, most economists andmortgage industry experts didnt expect rates to drop below 3%, but thats justwhat happened. In the near-term, mortgage rates are likely to stay low thoughthey may rise above the record lows they have hit in recent weeks. Thatsbecause the Federal Reserve has indicated that it doesnt plan to hike ratessoon.

In time though, a vaccine would naturally cause rates to rise. It should push overall interest rates up because it improves prospects for economic growth, said Danielle Hale, chief economist at Realtor.com.

Indeed, the news regarding Pfizers vaccine candidate caused the average rate for the 30-year fixed-rate mortgage to rise six basis points from a record low set the week prior.

As life returns to normal or something close to it peoplewill start going to restaurants, going shopping, taking vacations and all theother activities that stimulate the nations economy. That improved outlookwould then be reflected in higher yields on Treasury notes and other long-termbonds, which would in turn give lift to mortgage rates.

As of early November, there were roughly 18.5 million homeowners who could stand to shave at least 0.75% off their mortgage rate by refinancing and who met underwriting standards, according to estimates from mortgage analytics firm Black Knight. Thats up some 10.4 million homeowners from a year ago.

Already 2020 is on track to be one of the best years ever interms of the number of Americans who refinanced their home loans. But if ratesdo rise, the number of people who would benefit would shrink.

Nevertheless, the mortgage industry remains optimistic aboutrefinancing activity in large part because Americans have continued to spendmoney on home improvements. With people spending more time at home because ofthe pandemic, Americans have sought to turn their homes in oases. The shift toremote work has also encouraged homeowners to reconfigure their homes to createoffice set-ups.

With so many people enjoying working from home and employers seeing that it doesnt necessarily hamper productivity remote working will remain popular even after the pandemic. All the while, homeowners are funding these projects via cash-out refinances, which the flurry of rate-driven refinances this year have functionally hidden, said Jay Farner, CEO of Rocket Companies RKT, +0.25%, which owns Quicken Loans.

A lot of folks just get hung up on whether the rate is 3.5% or 3%, but to the average American that is only a difference of $50 or $60 a month, Farner told MarketWatch following his companys earnings release.

Theres always a significant portion of the population thathas a need, whether its putting in a new kitchen or adding a new office, he added.

Rising interest rates likely will create affordability concerns for some prospective home-buyers, given that home-price appreciation has picked up in pace in recent months. But that shouldnt stop the housing markets momentum, as better employment prospects could lead to more home sales in 2021, said Selma Hepp, deputy chief economist at CoreLogic CLGX, +0.49%.

Before the pandemic began and low rates pulled people into the housing market, conditions looked prime for a strong year in home sales. Housing market activity was very strong and growing heading into the pandemic, driven by demographic shifts that will endure going forward, said Matthew Speakman, an economist with Zillow ZG, -0.85%.

One of the biggest roadblocks for home-buyers of late is the short supply of homes for sale, but a vaccine could help bring more homes to the market.

Some home sellers that would have sold in a normal market decidedjust to hunker down because of COVID, Farner said. A vaccine could coax thosesellers out of the woodwork, experts argued, because they may feel saferhosting open houses and meeting to sign a contract if theyve received thevaccine.

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What a COVID-19 vaccine would mean for mortgage rates and the housing market - MarketWatch

How a Covid-19 Vaccine Could End Up Helping the Virus Spread  Bloomberg

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How a Covid-19 Vaccine Could End Up Helping the Virus Spread - Bloomberg

ANTALYA, TURKEY - NOVEMBER 13: A view of a new type of coronavirus (Covid-19) vaccine is seen within ... [+] trial runs after it was brought from China in Antalya, Turkey on November 13, 2020. Rector of Akdeniz University Prof. Dr. Ozlenen Ozkan voluntarily participated in the tests. (Photo by Orhan Cicek/Anadolu Agency via Getty Images)

Amid some volatility, the U.S. market (S&P 500) has climbed nearly 2.5% in the past week. The triggers? The U.S. elections and, of course, Pfizers PFE announcement of successful Covid-19 vaccine phase 3 trials. The latter is more interesting as it brings recovery hopes for some of the most battered industries - travel, hospitality, energy, real estate, and discretionary retail. Not surprisingly, a particular set of stocks gained the most in this past week. The question is - do they warrant investment now? We help you make this decision with a set of interactive dashboards that can give you fundamental and stock behavior perspectives. So lets look at who gained the most and how you can evaluate them.

Travel & Hospitality Stocks

Needless to say, the travel and hospitality industry is among the worst impacted, as Covid-19 brought business and leisure travel to a halt. So a successful vaccination would mean that people can travel again - putting airplanes, cruises, resorts and hotels back in action. And to do so, theyll make bookings through travel websites once again. This expectation fueled a sharp demand for these stocks during the past week.

Stock (Business): Gain (%) - Act Using Interactive Dashboards

TripAdvisor (Online booking): 14% TripAdvisor Moved 14% - What Next?

Expedia (Online booking): 14% Expedia Moved 14% - What Next?

Boeing (Airplane manufacturing): 12% Boeing Moved 12% - What Next?

Royal Caribbean (Cruiseline): 13% Royal Caribbean Cruises Moved 13% - What Next?

Carnival Corp (Cruiseline): 5% Carnival Moved 5% - What Next?

Wynn Resorts (Gaming and casino): 8% Wynn Resorts Moved 8% - What Next?

Norwegian Cruise Lines (Cruiseline): 9% Norwegian Cruise Line Moved 9% - What Next?

Energy Stocks

Another industry terribly hit by Covid-19 is energy. Decline in travel, lockdown, and working from home meant significantly reduced usage of airplanes, cruises, cars, and other vehicles. Transportation accounts for nearly 70% of oil consumption. So a successful vaccine would mean life returning to normal, and demand for fuel bouncing back to pre-Covid levels. As a result, some of the oil & gas producers and fuel marketing companies saw their stock jump sharply during the recent week.

Stock (Business): Gain (%) - Act Using Interactive Dashboards

Cimarex Energy (Oil & gas): 14% Cimarex Energy Moved 14% - What Next?

Diamondback Energy (Oil & gas): 21% Diamondback Energy Moved 21%, What Next?

Valero Energy (Petroleum refining & marketing): 20% Valero Energy Moved 20% - What Next?

Phillips 66 (Fuel transportation & marketing): 14% Phillips 66 Moved 14% - What Next?

Occidental Petroleum (Oil & gas): 8% Occidental Moved 8% - What Next?

Real Estate Stocks

Real estate investment trusts, which operate income generating real-estate such as offices, apartment buildings, warehouses, hospitals, shopping centers, and hotels, were another casualty of the pandemic. The demand for leased commercial space weakened significantly, vacancy rates rose, and rent collection came down. But that could change as the economy gets back in gear - contingent on successful Covid-19 vaccination of the masses. This expectation led to a surge in some REIT stocks.

Stock (Business): Gain (%) - Act Using Interactive Dashboards

Kimco Realty (Real estate investment trust): 28% Kimco Realty Moved 28% - What Next?

Federal Realty Investment Trust (Real estate investment trust): 18% FRT Moved 18% - What Next?

SL Green Realty (Real estate investment trust): 15% SL Green Realty Moved 15% - What Next?

Boston Properties (Real estate investment trust): 17% Boston Properties Moved 17% - What Next?

Retail Stocks

While the online channel is gaining share, retail sales generally tend to be primarily about store traffic, which suffered a blow as lockdown measures led to store closures. Compounded by increased unemployment, the impact was especially high on discretionary spending. No doubt stocks such as that of beauty retailer Coty COTY and luxury chain Nordstrom JWN surged last week as investors felt upbeat about the vaccine and consequently, about an accelerated economic revival.

Stock (Business): Gain (%) - Act Using Interactive Dashboards

Coty Inc (Beauty products): 33% Coty Inc. Moved 33% - What Next?

Nordstrom (Luxury departmental stores): 24% Nordstrom Moved 24% - What Next?

Trefis

While the above stocks can present opportunity, here is a portfolio that has outperformed the market consistently in the past. Check out our high quality portfolio to beat the market, with over 100% return since 2016, versus 55% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.

See allTrefis Price EstimatesandDownloadTrefis Datahere

Whats behind Trefis? See How Its Powering New Collaboration and What-Ifs ForCFOs and Finance Teams |Product, R&D, and Marketing Teams

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Pfizers Covid-19 Vaccine News Is Pushing These 18 Stocks Up Time To Invest? - Forbes

Millions of COVID-19 vaccine doses may be ready this year

As COVID-19 infections spike in Wisconsin, news that a vaccine is on the horizon could not have come at a better time. 

MILWAUKEE - The fight against COVID-19 has been long and difficult, but promising results from one of the world's leading pharmaceutical companies meanthereisan end in sight.

FOX6 News on Thursday, Nov. 12 spoke with Dr. John Raymond, the president and CEO of the Medical College of Wisconsin, about the progress of clinical trialsand a possible timeline for a COVID-19 vaccine.

"Coronavirus uses us as hosts and as vectors to transmit the disease to other people," said Raymond.

As COVID-19 infections spike in Wisconsin, with close to 7,500 new cases reported on Thursday, news that a vaccine is on the horizon could not have come at a better time.

"Its more critical now than it ever has been," Raymond said. "And even better news, this vaccine is targeting what is called the spike protein of the virus. Its a protein the virus uses to invade human cells."

Raymond said Pfizer's vaccine is showing 90% efficacy and could be available in a matter of months.

"We fully expect this vaccine will be safe," said Raymond. "If Pfizer can get emergency use authorization from the FDA, they could distribute 15-20 million doses before the end of this calendar year."

Raymond said the first doses would likely go to health care workers, first responders and vulnerable, elderly patients.

Dr. John Raymond, president and CEO of the Medical College of Wisconsin

"The company is very confident that they can provide 300 million doses by the spring. So its possible that by April, anyone who wants to be immunized will have that opportunity," Raymond said.

It's something to look forward to in the midst of a grim reality.

"The state set a new record this week for new cases, new hospitalizations and sadly, new deaths," said Dr. Ben Weston with the Milwaukee County Office of Emergency Management. "Please dont take COVID lightly, and dont underestimate your risk."

FREE DOWNLOAD: Get breaking news alerts in the FOX6 News app for iOS or Android.

Thursday also marked two weeks until Thanksgiving. Health experts encourage families not to gather with anyone outside of their immediate household.

Instead, they recommend virtual celebrations.

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Millions of COVID-19 vaccine doses may be ready this year - FOX 6 Milwaukee

Less than four months after a $55 million raise, Seer is ready to go public.

The company, run by Omid Farokhzad, filed for a $150 million IPO on Thursday as it prepares to jump onto the Nasdaq. Seers stock ticker will be fairly simple to remember $SEER and the move comes after the company has raised more than $150 million since being founded in 2017.

Thursdays news also comes less than a month after Seers main product, the Proteograph Product Suite, was delivered to one of its first collaborators, per the companys S-1. Funds from the IPO will go toward further commercializing the product and other R&D-related projects for Proteograph.

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Pfizer's celebrated Covid-19 vaccine freezes many people out but a rival mRNA team says they thawed out a solution - Endpoints News

Senate Majority Leader Mitch McConnell on Thursday scolded Gov. Andrew Cuomo for undermining public confidence in COVID-19 vaccines and performatively opposing President Trump.

McConnell (R-Ky.) slammed Cuomos Monday remark that Pfizers breakthrough on a vaccine was bad news because it occurred under Trumps administration. The Post reported Wednesday that Cuomo skipped 17 governor calls with the White House coronavirus task force designed to brief state leaders on the vaccine development and rejected an offer to meet last month with Health and Human Services Secretary Alex Azar.

The Democratic governor of New York opined a few days ago that it was bad news that a vaccine breakthrough may have reached because President Trump is still in office, McConnell said on the Senate floor.

I understand Gov. Cuomo has found the time during this pandemic to write and publish a self-congratulatory book on leadership this notwithstanding that his own state has absolutely been pummeled by the disease, and his own administration intentionally sent thousands of COVID-19-positive patients into vulnerable nursing homes.

McConnell, a childhood polio survivor, noted that the Trump administration in September asked state governments to develop plans for distribution of a vaccine. The first wave of vaccinations, potentially this year, would go to vulnerable people including nursing home residents under a federal deal reached last month with CVS and Walgreen.

The governor has the temerity to say this vaccine breakthrough is partially bad news partially bad news? because it occurred under the Trump administration. He gestured vaguely toward unspecified concerns about distribution. I guess you would have preferred the lifesaving breakthroughs have been delayed longer be delayed longer with more American deaths in the meantime? McConnell said.

The irony is that the plans that are in place put states in the drivers seat for arranging distribution and making sure the most vulnerable citizens receive access. The federal government is there to provide guidance and support the governor of New York might want to devote more time and attention to developing this crucial plan, rather than undermining public confidence for the sake of politics.

McConnell also rebuked Cuomo for suggesting redundant state review of any vaccine for the respiratory bug.

Just a few weeks ago, the Democratic governors of both New York and California both began openly second-guessing the Food and Drug Administration and doubting its ability to assess the safety of a vaccine, McConnell said.

There was suggestions that blue states may set up their own state review boards, and then withhold life-saving vaccines from their own people for who knows how long until this extra obstacle had been hurdled. This is where they are: Vaccines arent vaccines if a Republican is president until New York and California reinvent their own miniature FDAs.

The FDA is a trusted authority, McConnell said. Nobodys crying out for liberal governors to add their own Good Housekeeping Seal of Approval, let alone potentially delay the end of COVID-19 to do so. If this vaccine proves to be the one, citizens in New York and California should not have it withheld from them because their governors care more about performatively opposing President Trump than about hard science.

McConnell linked Cuomos vaccine remarks to Vice President-elect Kamala Harris campaign-trail suggestion that she might not take an inoculation approved under Trump.

This reminds me of when the junior senator from California declared back in September during her vice presidential campaign that she might hesitate hesitate to trust the vaccine, he said.

The whole country understands that our Democratic friends are not charter members of the Donald Trump fan club they do not need to dabble in the early stages of anti-vax conspiracy theories to prove it. In fact, for the sake of public health and public confidence and saving lives, they have a moral obligation to stop it. If a vaccine has been found and distribution can begin soon, thats good news, not bad news.

Cuomo spokesman Richard Azzopardi accused McConnell of misrepresenting his remarks and returned fire by attacking Kentuckys pandemic performance. Kentucky has been led throughout the crisis by Democratic Gov. Andy Beshear.

Senator McConnell has an issue with the truth. Governor Cuomo said the vaccine is of course good news the bad news is Trump is in charge of its distribution and they refuse to provide the states the necessary resources to get the vaccine to the very underserved black and brown communities that have already suffered from the highest covid rates. In McConnells own state the covid mortality rate is 35 percent higher among blacks, obviously the senator is not concerned with equal protection or civil rights, Azzopardi told The Post.

For McConnell to talk about nursing home deaths is the height of hypocrisy. More than 60 percent of all COVID deaths in Kentucky were in nursing homes, compared to 26 percent in New York. His duplicity is only outdone by his lack of credibility. We also ask McConnell to stop redistributing income and taking money from New Yorkers to subsidize his state. Remember when Republicans were against redistribution of income and supporters of equal rights for minority communities? What happened to them?

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McConnell rips Cuomo for 'performatively opposing' Trump on COVID-19 vaccine - New York Post

When BioNTech made its stock market debut on Nasdaq last October, the German biotechnology company was valued at just under $3.4 billion.

Just over a year later, BioNTech BNTX, +4.11% is now worth around $25 billion and the Mainz, Germany-based company hit the headlines earlier this week as it became the front-runner in the race to bring a COVID-19 vaccine to market.

Shares in BioNTech soared 14% on Monday after the company said its experimental shot, which is being developed in partnership with U.S. drugmaker Pfizer PFE, +1.91%, was more than 90% effective in preventing COVID-19, based on initial trial results from a Phase 3 clinical trial. This is the first coronavirus vaccine to prove its efficacy in a late-stage clinical study.

Read: BioNTech and Pfizer say their COVID-19 vaccine candidate is 90% effective, a much higher benchmark than anticipated

The stock was 3% up in early trading on Tuesday and has now climbed 219% year-to-date. By comparison, the S&P 500 has risen 9.7% during the same period.

Here are five things you need to know about BioNTech:

HUSBAND AND WIFE TEAM BEHIND THE SCIENCE

BioNTech 22UA, +3.01% was co-founded in 2008 by Uur ahin, chief executive of the company, and his wife zlem Treci, a fellow board member, along with Austrian cancer expert Christoph Huber.

ahin, 55, and Treci, 53, are both scientists and the children of Turkish immigrants to Germany. ahins father worked in a Ford factory in Cologne.

In 2001, the pair founded Ganymed Pharmaceuticals, a spin off from the universities of Mainz and Zurich that focused on developing a new class of cancer drugs called ideal monoclonal antibodies.

Investors in Ganymed included German investment fund MIG Fonds as the family office of twins Thomas and Andreas Strngmann, who now hold a large stake in BioNTech. The brothers have long been big investors in biotech, having sold their generic drug company Hexal to Swiss drugmaker Novartis NVS, +0.11% for around $7 billion in 2005.

In 2016, Ganymed was sold to Japanese pharmaceutical company Astellas Pharma for $1.4 billion

BIONTECHS IPO

BioNTech raised $150 million in its U.S. initial public offering on Nasdaq on Oct. 9, 2019, after it sold fewer shares and at a lower price than originally planned, giving the company a market valuation of $3.4 billion.

The IPO followed BioNTechs $325 million fundraising in July, which marked one of the biggest private financing rounds for a European biotechnology company in history.

The fundraising was led by Fidelity Management & Research Company, with participation from both new and existing investors, including the Strngmann Family Office.

ahin and Treci are now among the 100 richest Germans, according to German newspaper Welt am Sonntag.

RELATIONSHIP WITH PFIZER

BioNTech 22UA, +1.75% has had a relationship with Pfizer 0Q1N, -1.66% since 2018, when the U.S. drugmaker agreed to pay the German company up to $425 million in an alliance to develop mRNA-based vaccines for the prevention of influenza.

In March this year, Pfizer and BioNTech announced plans to jointly develop a COVID-19 vaccine. We believe that by pairing Pfizers development, regulatory and commercial capabilities with BioNTechs 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, said Mikael Dolsten, Pfizers chief scientific officer, at the time.

The Pfizer-BioNTech vaccine called BNT162 uses messenger RNA (mRNA), the molecules in cells that control protein production, to teach the immune system to make coronavirus-fighting antibodies. The mRNA technology is also being used by Cambridge, Massachusetts-based Moderna MRNA, +0.58% and CureVac CVAC, +3.32%.

Read: CureVacs COVID-19 vaccine shows immune response in Phase 1 trial

BioNTech and Pfizer will split the gross profits of the vaccine equally. BioNTech said that the vaccine will be priced well below typical market rates.

BioNTech has been a loss-making company since our inception 12 years ago and weve invested over $1 billion to develop our mRNA technology platform, Ryan Richardson, head of strategy at BioNTech, told a Financial Times conference on Tuesday.

VACCINE PRODUCTION

BioNTech and Pfizer are continuing to accumulate safety data and expect to apply for emergency use authorization in the U.S. soon after that.

Based on current projections, Pfizer said it expects to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.The investigational vaccine is a two-dose vaccine, so the first batch would likely be given to roughly 25 million people.

In June, BioNTech signed a 100 million debt financing agreement with the European Investment Bank for the development of its experimental shot, to help scale-up its commercial manufacturing capacity.

In September, it also received 375 million in funding from the German Federal Ministry of Education and Research to support its COVID-19 vaccine program.

That same month, it announced the acquisition of a manufacturing site in Marburg in western Germany from Swiss pharma group Novartis. The state-of-the art facility is expected to expand BioNTechs COVID-19 vaccine production capacity by up to 750 million doses a year, or more than 60 million doses a month, once fully operational, BioNTech said.

BioNTech, which itself employs around 1,400 staff, already has two other sites in Germany producing the vaccine candidate for clinical trials, in addition to at least four Pfizer production sites in the U.S. and Europe.

DEAL WITH CHINA

BioNTechs vaccine partnership with Pfizer covers the entire global market except China, where it partners with Shanghai Fosun Pharmaceutical 600196, -3.06%. BioNTech said in August that Hong Kong and Macau, Chinas autonomous territories, have ordered 10 million doses of the coronavirus vaccine. It has signed a letter of intent to allow Hong Kongs Jacobson Pharma to distribute the vaccine locally once it is available.

Guo Guangchang, the billionaire chairman of Fosun International FOSUF, -0.68%, said on Nov. 6. that he was hopeful that the Pfizer-BioNTech experimental vaccine will become available in China as soon as it is made available in the U.S. and Europe.

We hope the market launch of the vaccine in China will be held at the same time as in the U.S. and Europe, he told the South China Morning Post on Friday. Or, at least, the timing of its launch in China will be just a little bit behind them.

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5 things about BioNTech and the couple developing the COVID-19 vaccine with Pfizer - MarketWatch