Pfizer Applies For Emergency Approval For COVID-19 Vaccine In India: Media Reports

Pfizer Inc. PFE is seeking emergency approval for its COVID-19 vaccine in India, according to media sources in the country.

What Happened: The vaccine developed together with BioNTech SE - ADR BNTX was approved in the U.K. last week.

The pharmaceutical company has applied for approval with the Drugs Controller General of India, according to a Times of India report.

India has the second-highest number of infections, with more than 9.6 million cases. According to John Hopkins University, the U.S. has the highest number, at more than 14.5 million cases.

What’s Next: The vaccine would require to be stored at –70 degrees Celsius, which could present a huge challenge for India, the Times of India writes. 

Price Action: Pfizer shares traded 0.025% lower at $40.33 in the postmarket session on Friday. BioNtech closed at $120 with a 1.11% gain on Friday's regular session.