Pfizer and BioNTech expect to be able to produce up to 50 million vaccine doses globally in 2020
A major breakthrough has been announced in the search for a coronavirus vaccine, with the jab from Pfizer found to be more than 90% effective.
The pharmaceutical giant and its partner BioNTech said interim results showed their jab could prevent people developing Covid-19.
Dr Albert Bourla, Pfizer chairman and chief executive, said: “Today is a great day for science and humanity.”
Peter Horby, professor of emerging infectious diseases and global health at the University of Oxford, said: “This news made me smile from ear to ear.”
The FTSE 100 jumped more than 5.5% on the news, adding £82 billion to the value of its shares in the market’s best day since March.
The vaccine has been tested on 43,500 people in six countries and no safety concerns have been raised.
Downing Street welcomed the results as “promising” and said the UK will have procured 10 million doses by the end of the year to be given out if it is approved.
The UK has secured 40 million doses in total of the vaccine.