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Pfizer hits record high, Snowman Logistics up 8% as vaccine trial progresses

The Pfizer-BioNTech vaccine trial will continue through a final analysis at 164 confirmed cases.Premium
The Pfizer-BioNTech vaccine trial will continue through a final analysis at 164 confirmed cases.

  • Pfizer Inc said its covid-19 vaccine, developed with German partner BioNTech SE, was more than 90% effective in preventing infection
  • The potential vaccine's complex and super-cold storage requirements are an obstacle for even the most sophisticated hospitals in the US

MUMBAI: Shares of Pfizer surged 19% intraday to hit record high at 5,875 on Tuesday as investors rushed to buy stocks of the drug company. Cold storage company Snowman Logistics Ltd's shares also jumped around 8% as the covid-19 vaccine's super-cold storage requirements is expected to improve its business prospects.

Pfizer Inc said its covid-19 vaccine, developed with German partner BioNTech SE, was more than 90% effective in preventing infection, marking the first successful results from a large-scale clinical trial.

The trial will continue through a final analysis at 164 confirmed cases. The trial has enrolled 43,538 participants to date. Of these, 38,955 had received a second dose as of 8 November. Pfizer expects to produce over 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.

However, the vaccine's complex and super-cold storage requirements are an obstacle for even the most sophisticated hospitals in the US and may impact when and where it is available in rural areas or poor countries where resources are tight. The main issue is that the vaccine, which is based on a novel technology that uses synthetic mRNA to activate the immune system against the virus, needs to be kept at minus 70 degrees Celsius (-94 F) or below.

Pharmaceutical sales in India grew by nearly 10% year-on-year in October to 13,542 crore due to growth across all therapy segments, barring respiratory drugs, according to data released by market research firm AIOCD-AWACS.

(Reuters contributed to the story)

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