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    Pfizer hits all-time high on parent’s Covid vaccine trial success

    Synopsis

    In early trade, Pfizer shares had surged as much as 19.5 per cent to an all-time high of Rs 5,875.

    Pfizer and German partner BioNTech said they had found no serious safety concerns yet and expected to seek US emergency use authorization this month, raising the chance of a regulatory decision as soon as December, an announcement that triggered hopes worldwide.

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    Mumbai: Shares of Pfizer jumped nearly 20 per cent in Tuesday's session to hit an all-time high after its parent Pfizer Inc said its experimental Covid-19 vaccine is more than 90 per cent effective based on initial trial results.

    At 1.30 pm, the shares pared some gains and were trading 5.03 per cent higher at Rs 5,165.40.

    In early trade, Pfizer shares had surged as much as 19.5 per cent to an all-time high of Rs 5,875.

    Pfizer and German partner BioNTech said they had found no serious safety concerns yet and expected to seek US emergency use authorization this month, raising the chance of a regulatory decision as soon as December, an announcement that triggered hopes worldwide.

    The two companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021, if they are granted approval.

    The announcement was cheered by world markets, as hopes emerged for a protection against the deadly Covid-19 virus that has killed more than a million people across the globe, and have battered world economy and businesses.
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