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Pfizer says it submitted application for COVID-19 vaccine to Indian regulators ‘months ago’

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Shares of Pfizer Inc.
PFE,
+2.50%

gained 2.2% in trading on Monday after the pharmaceutical company said it will donate $70 million in medicine to India, which is facing the worst surge in COVID-19 cases worldwide during the pandemic. The drugmaker also reiterated that the COVID-19 vaccine it developed with BioNTech SE
BNTX,
+10.10%

has not yet been approved in India, though the application was “submitted months ago.” “We are currently discussing with the Indian government an expedited approval pathway to make our Pfizer-BioNTech vaccine available for use in the country,” Pfizer CEO Albert Bourla wrote in a letter on Monday. As part of the donation to India, Pfizer will provide common treatments for COVID-19, including steroids and anticoagulants, as well as antibiotics for secondary bacterial infections. It will also provide funding for ventilators and oxygen concentrators. Pfizer’s stock is up 7.3% for the year, while the broader S&P 500
SPX,
+0.35%

has gained 11.3%.

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