Pfizer, BioNTech coronavirus vaccine candidates get USFDA 'fast track' status
The two candidates to win the designation, BNT162b1 and BNT162b2, are the most advanced of the at least four vaccines being assessed by the companies in ongoing trials in the United States and Germany.;
New Delhi: Pfizer Inc and partner BioNTech SE said on Monday, two of their experimental coronavirus vaccine candidates received "fast track" status from the U.S. Food and Drug Administration, which is designed to speed up the regulatory review process.
The U.S.-listed shares of the German firm climbed about 15%, while Pfizer's stock rose about 5%. The news lifted broader market sentiment as investors cheered signs of progress in COVID-19 vaccine development.
The FDA grants fast track status to speed up the review of new drugs and vaccines that show the potential to address unmet medical needs.
The market is "desperate to latch onto any positive developments in the vaccine field," JP Morgan analyst Cory Kasimov said in a note.
However, Kasimov said, the update was not really surprising or significant, noting that the designation "does not speak to the potential of a particular candidate."
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