Released March 24, 2020 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Pharmaceutical heavyweight Pfizer (NYSE:PFE) (New York, New York) has become the latest company to sign a deal with Germany's BioNTech SE to co-develop a potential vaccine for the coronavirus.
The companies have signed a letter of intent to jointly develop BioNTech's mRNA-based vaccine candidate BNT162 to prevent COVID-19 infection. They will also distribute the drug jointly, outside of China. The companies aim to accelerate development of "potential first-in-class COVID-19 mRNA vaccine program, BNT162," which is expected to enter clinical testing by the end of April 2020. The deal builds on a research and development deal the companies inked in 2018 to develop mRNA-based vaccines for prevention of influenza.
"This is a global pandemic, which requires a global effort. In joining forces with our partner Pfizer, we believe we can accelerate our effort to bring a COVID-19 vaccine to people around the world who need it," said Ugur Sahin, co-founder and chief executive officer of BioNTech. The companies plan to leverage multiple R&D sites from both companies, including in the U.S. and Germany.
BioNTech has also struck a deal with China's Fosun Pharmaceutical (Group) Co. Ltd. to conduct clinical trials of BNT162 in China. Fosun Pharma will commercialise the vaccine in China upon regulatory approval, with BioNTech retaining full rights to develop and commercialise the vaccine in the rest of the world. Fosun is understood to have paid up to $135 million to BioNTech in upfront and potential future investment and milestone payments. Both companies will share future gross profits from the sale of the vaccine in China.
Wu Yifang, president and chief executive officer of Fosun Pharma, said: "A potential pandemic requires a collective effort, and both companies are passionate about contributing to the fight against the current coronavirus outbreak. We are excited to collaborate with BioNTech, one of the leading companies worldwide in the mRNA field. Our shared objective is to develop a vaccine against the coronavirus and to be able to rapidly manufacture a vaccine to turn the tide of COVID-19 infection."
Pfizer, BioNTech and Fosun now join a global race to create a vaccine to prevent the contraction of COVID-19. Almost 180,000 people have been infected with the virus, and the death toll stood at over 7,000 last week. Italy has been the hardest hit country outside of China, with 2,158 deaths to date. Many European nations have gone into lockdown mode, preventing all large gatherings and shutting bars and restaurants, as well as airports and borders. The outbreak has had an unprecedented impact on all industries, with many companies having to allow people to work from home.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The companies have signed a letter of intent to jointly develop BioNTech's mRNA-based vaccine candidate BNT162 to prevent COVID-19 infection. They will also distribute the drug jointly, outside of China. The companies aim to accelerate development of "potential first-in-class COVID-19 mRNA vaccine program, BNT162," which is expected to enter clinical testing by the end of April 2020. The deal builds on a research and development deal the companies inked in 2018 to develop mRNA-based vaccines for prevention of influenza.
"This is a global pandemic, which requires a global effort. In joining forces with our partner Pfizer, we believe we can accelerate our effort to bring a COVID-19 vaccine to people around the world who need it," said Ugur Sahin, co-founder and chief executive officer of BioNTech. The companies plan to leverage multiple R&D sites from both companies, including in the U.S. and Germany.
BioNTech has also struck a deal with China's Fosun Pharmaceutical (Group) Co. Ltd. to conduct clinical trials of BNT162 in China. Fosun Pharma will commercialise the vaccine in China upon regulatory approval, with BioNTech retaining full rights to develop and commercialise the vaccine in the rest of the world. Fosun is understood to have paid up to $135 million to BioNTech in upfront and potential future investment and milestone payments. Both companies will share future gross profits from the sale of the vaccine in China.
Wu Yifang, president and chief executive officer of Fosun Pharma, said: "A potential pandemic requires a collective effort, and both companies are passionate about contributing to the fight against the current coronavirus outbreak. We are excited to collaborate with BioNTech, one of the leading companies worldwide in the mRNA field. Our shared objective is to develop a vaccine against the coronavirus and to be able to rapidly manufacture a vaccine to turn the tide of COVID-19 infection."
Pfizer, BioNTech and Fosun now join a global race to create a vaccine to prevent the contraction of COVID-19. Almost 180,000 people have been infected with the virus, and the death toll stood at over 7,000 last week. Italy has been the hardest hit country outside of China, with 2,158 deaths to date. Many European nations have gone into lockdown mode, preventing all large gatherings and shutting bars and restaurants, as well as airports and borders. The outbreak has had an unprecedented impact on all industries, with many companies having to allow people to work from home.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
