International markets rallied on news that Pfizer was developing a Covid-19 vaccine in collaboration with German BionTech was 90% effective in combating the virus, protothema.gr reports.
The S&P futures rose 3%, the Dow futures recorded a rise of 1,400 points at the opening, while the US dollar had a slight fall, with the euro/dollar exchange rate approaching 1.1. Commodity prices, such as oil, are also rising.
Pfizer’s people talk about “a great day for science and humanity” and announced that they would apply for approval of the use of the vaccine by the end of November.
Germany’s BioNTech and its US pharma partner Pfizer announced on Monday that their vaccine candidate is more than 90% effective in preventing COVID-19 in a trial of over 43,000 participants.
“Today is a great day for science and humanity,“ said Dr Albert Bourla, chairman and CEO of Pfizer in a statement. “The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent Covid-19.”
According to current projections from the company, it expects to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.
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