China Holds Up BioNTech's COVID-19 Jab Approval: WSJ
- 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 (NYSE: PFE) - BioNTech SE’s (NASDAQ: 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.
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