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AstraZeneca Inks Deal With Mexico, Argentina For Production, Supply Of Its COVID-19 Vaccine To Latin America

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AstraZeneca Inks Deal With Mexico, Argentina For Production, Supply Of Its COVID-19 Vaccine To Latin America

AstraZeneca plc’s (NYSE: AZN) COVID-19 vaccine will be produced by Mexico and Argentina for Latin American countries except for Brazil, according to government officials of the two countries, AlJazeera reported Wednesday.

What Happened

The countries will produce 150 million to 250 million initial doses of the COVID-19 vaccine developed by the pharmaceutical company in collaboration with researchers at the University of Oxford, according to statements tweeted by President Alberto Fernandez of Argentina and Foreign Minister Marcelo Ebrard of Mexico.

The vaccine would be produced in the first half of 2021 and will not generate any profits in this period, Fernandez disclosed. The priority would be to vaccinate the elderly, medical professionals, and people with pre-existing conditions, Bloomberg reported

Ebrard said on Twitter that the billionaire founder of América Móvil, S.A.B. de C.V. (NYSE: AMX) Carlos Slim’s foundation is helping finance the vaccine efforts.

Why It Matters

Latin America has half the COVID-19 cases of the ten most severely affected countries in the world, Bloomberg noted.

The Serum Institute of India Private Limited has also signed a deal with AstraZeneca to supply one billion doses to middle-and low-income countries. 

The Indian company also has a deal with Novavax Inc (NASDAQ: NVAX) for the development and distribution of its coronavirus vaccine in low and middle-income countries.

Vaccine candidates of companies such as Pfizer Inc (NYSE: PFE) and its partner BioNTech SE (NASDAQ: BNTX), Moderna Inc (NASDAQ: MRNA),  and Johnson and Johnson (NYSE: JNJ)  are either in late-stage human trials or nearing them.

Price Action

AstraZeneca shares closed 2.85% higher at $56.74 on Wednesday. 

 

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