U.S. Markets closed

Pfizer prepared to ‘vigorously defend’ itself against Moderna’s allegations

Yahoo Finance's Anjalee Khemlani joins the Live show to discuss Pfizer's response to its Moderna lawsuit allegations.

Video Transcript

- We got an update on the story that broke earlier this morning on Moderna suing Pfizer over its vaccine technology. We've had a response from Pfizer now. Yahoo Finance's, Anjalee Khemlani, is back with that response. So what did Pfizer have to say about this?

ANJALEE KHEMLANI: Absolutely. In a nutshell, Pfizer is surprised by this lawsuit as we had talked about earlier. In a statement to Yahoo Finance, Pfizer said that the companies, including BioNTech, have not yet fully reviewed the complaint but quote, "We are surprised by the litigation given the Pfizer/BioNTech COVID vaccine was based on BioNTech's proprietary mRNA technology and developed by both the two companies. We remain confident in our intellectual property supporting the vaccine and will vigorously defend."

So that's in a nutshell. Of course, we anticipated that Pfizer was going to point out BioNTech's technology, BioNTech having been founded earlier than Moderna in 2008, Moderna in 2010. Both had struggled to really get that mRNA, that lipid nanoparticle technology working. And they were two of many companies at the time trying to figure out this technology knowing that it could be rapidly scaled and also could have potential long-term effects.

But it really took quite some time. There are breakthroughs over the pandemic. We saw many reports of how this technology came to be and how many other companies were involved to the point earlier, Julie, you and I were talking about, there are other companies that are also suing. So it's really interesting that this is the response out. But Pfizer has not had a chance to look at it yet and like I said, they weren't even served earlier. So we're going to have to wait and see what they come out with.

- Just a quick point here. Pfizer shares, they're moving down, but not that much. So it doesn't seem like it's an issue that investors at this point are terribly concerned about for Pfizer.

ANJALEE KHEMLANI: Right, for now.

- For now. Maybe they will be.

ANJALEE KHEMLANI: Maybe they will be. It depends on how it all pans out, because like I said, there's also other lawsuits in play. So we have to see how those pan out as well.

- Gotcha.

- All right, keyword challenge this week, and try to insert lipid nanoparticles into your local conversations. Thanks so much, Anjalee Khemlani.