Biontech CEO: Vaccine works with the new British mutation

Biontech CEO says he is confident that the vaccine works with the new British mutation and he will investigate the mutation in the coming days. 

The comments follow earlier news reported that existing vaccines will be able to fight infection from new Covid variants.

Vin Gupta of the Institute for Health Metrics and Evaluation said emerging strains are likely to be genetically similar to prior ones.

The optimism in comments follows the UK on Saturday announcing that it identified a new mutation of the virus that can spread more quickly.

Background on vaccine approval

Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) announced on Monday that the European Commission (EC) had granted a conditional marketing authorization (CMA) to Pfizer and BioNTech for COMIRNATY® (also known as BNT162b2), for active immunization to prevent COVID-19 caused by SARS-CoV-2 virus, in individuals 16 years of age and older.

This follows the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) positive opinion to authorize the vaccine.

The EC granted this CMA in the interest of public health to help address the COVID-19 pandemic. The CMA is valid in all 27 member states of the European Union (EU).

Market implications

There were fears and risk-off to start the week which sent oil prices plummeting and US stocks over the edge, along with GBP while the US dollar picked up a safe haven bid. 

WTI plunge

S&P 500 tanks

The move followed a bearish engulfing and spinning top.