AstraZeneca Secures Deal With Australia for COVID-19 Vaccine
Source: iStock

AstraZeneca Secures Deal With Australia for COVID-19 Vaccine

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Aug. 19 2020, Updated 7:27 a.m. ET

AstraZeneca, a U.K.-based pharmaceutical giant, has secured yet another deal to supply the coronavirus vaccine being developed by the University of Oxford. The university's vaccine is considered the global frontrunner and has resulted in huge deals and equally massive stock market gains for AstraZeneca.

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What is the AstraZeneca-Oxford vaccine for coronavirus?

AZD1222, more commonly referred to as "the Oxford vaccine," is currently in phase 3 clinical trials and is being tested in thousands of people around the world. Experts believe that the Oxford vaccine is the closest to approval, and prior trials have shown a robust immune response with no significant side effects.

AstraZeneca Secures Deal With Australia for COVID-19 Vaccine
Source: iStock
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In May, Oxford agreed to a global licensing agreement with AstraZeneca for the commercialization and manufacturing of the vaccine. As part of the deal, the company agreed to supply the United Kingdom with 100 million doses.

What are the details of the AstraZeneca-Oxford vaccine Australia deal?

Australia has joined many other countries in securing millions of doses of the vaccine from AstraZeneca. The deal will allow Australia to produce and distribute enough doses of the vaccine for its population of 25 million.

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AstraZeneca Secures Deal With Australia for COVID-19 Vaccine
Source: iStock

“Should we be in a position for the trials to be successful, we would hope that this would be made available early next year. If it can be done sooner than that, great,” Australian prime minister Scott Morrison said of the deal. Morrison has previously claimed that around 95 percent of the population will need to be vaccinated to wipe out COVID-19.

AstraZeneca stock surges on Australia deal

AstraZeneca surged this morning following the announcement of the deal. On the London Stock Exchange, the company's stock had surged 1.35 percent as of this article's writing. AZN stock has grown by almost 40 percent since touching lows in March.

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