What Happened: The negotiations are reportedly centered around supplying the vaccine in the first quarter of 2021.
“We are working strongly with the Brazilian government to try to fast-track the availability (of the vaccine) in Brazil as fast as possible,” Carlos Murillo, the head of Pfizer in Brazil said in an online event, as per Reuters.
Pfizer’s vaccine needs to be stored at minus 70 degrees Celsius (-94 degrees Fahrenheit), which could pose a challenge in developing countries, where maintaining a storage chain is an obstacle.
Why It Matters: Pfizer and BioNTech SE (NASDAQ:BNTX) reported this month that their mRNA vaccine candidate showed 90% effectiveness in preventing COVID-19 in a large-scale Phase 3 study, based on interim data.
Murillo disclosed that the New York-based drugmaker had developed a way to keep the vaccine in good condition using only dry ice, noted Reuters. The vaccine would be sold at three different price points, depending on the income level of the country, according to Pfizer's Brazil head.
Price Action: Pfizer shares closed nearly 2.5% lower at $37.55 on Thursday. On the same day, BioNTech stock closed about 7.14% lower and gained 1.33% in the after-hours session.