Why Pfizer (PFE) Shares Are Trading Lower Premarket Today - Pfizer (NYSE:PFE)

China is reportedly in talks with Pfizer Inc PFE to secure a license allowing domestic drugmakers to manufacture and distribute a generic version of its COVID-19 antiviral Paxlovid.
Beijing is keen to finalize licensing deal terms before the Lunar New Year, which begins on January 22.
Chinese hospitals are overwhelmed after the government removed its "zero-COVID" policy last month, sending infections soaring.
Related: New Oral COVID-19 Antiviral Might Be Better Than Pfizer's Paxlovid With Faster Recovery, Fewer Side Effects, Data Shows.
In February last year, China approved Paxlovid, which was supposed to be primarily available via hospitals for high-risk patients in several provinces. Pfizer last month reached an agreement to export Paxlovid to China through a local company.
Prospective candidates, including Zhejiang Huahai Pharmaceutical and CSPC Pharmaceutical Group, have recently been conducting "bioequivalence tests," Reuters reported.
In March, 35 generic drugmakers, including five Chinese firms, agreed to make cheap versions of Paxlovid for 95 poorer countries through a licensing arrangement with the U.N.-backed Medicines Patent Pool. That license does not allow the companies to sell generic Paxlovid in China.
In October, Moderna Inc MRNA refused to hand over to China the core intellectual property related to developing its famed COVID-19 vaccine, citing commercial and safety concerns.
Price Action: PFE shares are down 1.79% at $50.01 during the premarket session on the last check Monday.

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China In Talks To Secure License For Generic Version Of Pfizer's COVID-19 Oral Drug