Amended European Deal For BioNTech-Pfizer's Covid-19 Vaccines Allows Reduced Purchases
The European Commission (EC) had agreed with BioNTech SE (NASDAQ: BNTX) and Pfizer Inc (NYSE: PFE) on adapting the existing contract on vaccines against Covid-19, including a reduction in the quantity of doses purchased by EU countries under the contract and pushing the delivery deadline to 2026.
"The amendment to the existing vaccines supply contract takes into account the improved epidemiological situation while continuing to ensure access to the latest available version of the vaccine should Covid-19 variants of concern appear in the future," the EC said.
Related: European Union's Amended COVID-19 Vaccine Deal with Pfizer-BioNTech: Near-Monopoly Status Potential Threat to Rivals.
The agreement provides for reducing the number of doses purchased by member states under the contract.
Following payment of a fee, originally contracted doses will be converted into optional orders.
The agreement also provides for an extension in the length of time in which EU countries can take delivery of the vaccines – up to four years from now.
The deal allows access to additional doses up to the original contracted volume until the end of the contract to meet needs should cases rise and the epidemiological situation deteriorate.
The original contract, signed in May 2021, committed the EU to purchase 900 million doses from Pfizer/BioNTech, with an option for an additional 900 million, by the end of 2023.
However, due to reduced demand last year, roughly half or more of the initial 900 million doses from the contract have yet to be delivered. The EU has not exercised the option for additional doses.
Photo via Wikimedia Commons
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This article Amended European Deal For BioNTech-Pfizer's Covid-19 Vaccines Allows Reduced Purchases originally appeared on Benzinga.com
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