Business

BioNTech Stock Jumps Thanks To Imminent FDA Vaccine Approval

NC Desk August 5, 2021

Topline

Stocks in German pharmaceutical company BioNTech were up almost 18% at market close on Wednesday, reflecting optimism after a recent report said that the FDA hopes to approve the company’s Covid-19 vaccine next month.

Ugur Sahin, cofounder and CEO of BioNTech.

Getty Images

Key Facts

First reported by STAT and the New York Times, the FDA allegedly plans to grant full approval to the vaccine that BioNTech made in partnership with Pfizer.

Unlike BioNTech, Pfizer’s stock did not increase and was down 1% at the end of the day.

Covid-19 vaccine competitor Moderna also saw a modest boost of 8%.

As a result of the stock price increase, BioNTech CEO and cofounder Uğur Şahin saw his net worth increase $2.4 billion today, for a total fortune of $16.2 billion (Şahin became a billionaire for the first time in 2020).

Key Background

While three Covid-19 vaccines have been granted Emergency Use Authorization in the U.S., no vaccines have been fully approved yet by the FDA. This is because the process for full FDA approval is very time-consuming and includes financial reviews, manufacturing plant inspections, safety data analysis and more. While the process usually takes a minimum of 6 months, some public health experts have been pressuring the FDA to move more quickly, saying that the lack of full approval is what is making some Americans hesitant to get vaccinated.

Big Number

70%. That’s how many adults in the U.S. have already gotten at least one dose of a Covid-19 vaccine as of this week, despite it not being fully approved yet.