Pfizer and BioNTech shares rise after FDA grants 2 coronavirus vaccines 'fast track' status
- Two experimental coronavirus vaccines developed by Pfizer and BioNTech received Fast Track status from the US Food and Drug Administration, the companies announced Monday.
- Pfizer shares gained more than 5% Monday.
- BioNTech's US shares surged more than 21% in premarket trading Monday.
- Watch Pfizer and BioNTech trade live on Markets Insider.
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Two experimental coronavirus vaccines developed jointly by Pfizer and BioNTech have received Fast Track status from the US Food and Drug Administration, the companies announced Monday.
Shares of Pfizer more than 5% during intraday trading Monday. BioNTech's US-listed shares surged more than 21% at the same time.
The candidates that received Fast Track status, BNT162b1 and BNT162b2, are the most advanced of four potential vaccines being developed by the German biotech company and the US pharmaceutical giant.
Both are being assessed in ongoing trials in the US and Germany. In early July, BNT162b1 showed positive early results in a human trial in the US. Early data from the German trial of BNT162b1 are expected to be released in July, the company said.
Pfizer and BioNTech expect to start another large trial with up to 30,000 participants later this month, subject to regulatory approval.
If the ongoing studies are successful, and the vaccine candidate receives regulatory approval, the companies said they expect to manufacture up to 100 million doses by the end of the year and potentially more than 1.2 billion doses by the end of 2021.
The FDA's Fast Track process is designed to speed the development and review of drugs and vaccines that "are intended to treat or prevent serious conditions that have the potential to address an unmet medical need," according to a statement.
Pfizer has shed nearly 14% year-to-date, while BioNTech shares have skyrocketed 107%.