Biden Reportedly to Buy 500M Pfizer Shots for Low-Income Nations

Pfizer's vaccine will reportedly go to 92 lower-income countries and the African Union.
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Joe Biden’s administration is reportedly looking to buy 500 million doses of Pfizer's  (PFE) - Get Report coronavirus vaccine to share internationally.

Shares of the New York company were up 2.4% to $39.78 at last check.

The government will buy about 200 million doses this year to distribute through Covax, the World Health Organization-backed initiative aimed at securing an equitable global distribution of the vaccine, and about 300 million doses in the
first half of next year, Bloomberg reported.

The vaccines will go to 92 lower-income countries and the African Union, Bloomberg reported, citing a person familiar with the matter.

Biden will unveil the plan Thursday in remarks ahead of the Group of Seven summit in the U.K.

Pfizer did not immediately respond to a request for comment.

The pace of the U.S. domestic vaccination campaign has slowed by about two-thirds since April, and Biden has come under rising pressure internationally to share his government’s vaccine stockpile with nations still hard-hit by the pandemic.

Roughly 52% of the U.S. population has received at least one dose of a Covid vaccine and 42% is fully vaccinated, according to the Centers for Disease Control.

In May, Pfizer received the White House's backing to begin exporting U.S.-made doses of its COVID-19 vaccine.

Last month, the U.S. Food and Drug Administration expanded the emergency use authorization of the COVID-19 vaccine from Pfizer and BioNTech  (BNTX) - Get Report to include people aged 12 through 15.

Pfizer and BioNTech already have an agreement to supply Covax with 40 million doses. Covax recently called upon world leaders to help the group to provide 2 billion doses this year.

In April, the White House announced plans to share its unused batch of AstraZeneca's  (AZN) - Get Report COVID-19 vaccine with foreign countries. 

The U.S. has an inventory of 60 million doses of the AstraZeneca vaccine. 

Moderna  (MRNA) - Get Report shares traded at a record Monday, topping at $227.71 that day, after the drugmaker filed for European approval for its coronavirus vaccine to be used on teenagers. At last check the stock was 1.9% higher at $217.06.