China Holds Up BioNTech's COVID-19 Jab Approval: WSJ - Pfizer (NYSE:PFE), BioNTech (NASDAQ:BNTX)

China’s government is reportedly slowing the approval for its first foreign COVID-19 vaccine because it could undermine confidence in Chinese vaccines.
Health authorities are concerned that public doubts about Chinese vaccines stemming from the approval of Pfizer Inc PFE - BioNTech SE’s BNTX vaccine could disrupt the country’s plans to use the homegrown shots.
By July, China was expected to approve the BioNTech vaccine, which is based on mRNA technology. The Chinese vaccines based on traditional methods have proven effective at preventing hospitalizations.
Uncertainty about how much more protection the BioNTech vaccine offers against new variants is also driving the hesitation, the people said.
In addition, the delay gives additional time for China-based companies to introduce their mRNA vaccines. A BioNTech spokeswoman said approval is “purely up to the regulatory authorities” and declined further comment.
China’s National Health Commission and National Medical Products Administration didn’t immediately respond to requests for comment.
Price Action: PFE shares are down 1.34% at $46.74, BNTX shares are down 2.73% at $359.86 during the market session on the last check Friday.