Pfizer CEO Bourla sold €4.6m shares on day of vaccine trial news       

Pfizer chief executive Albert Bourla sold $5.5m (€4.6m) of company shares on Monday, the day the drugmaker said its Covid-19 vaccine was 90% effective based on interim trial results, a regulatory filing showed. File Picture: AP

Pfizer chief executive Albert Bourla sold $5.5m (€4.6m) of company shares on Monday, the day the drugmaker said its Covid-19 vaccine was 90% effective based on interim trial results, a regulatory filing showed.

Mr Bourla authorised the sale of the shares on August 19, provided the stock was at least at a certain price, as part of a predetermined plan, the company said. 

“The sale of these shares is part of Dr. Bourla’s personal financial planning and a pre-established (10b5-1) plan, which allows, under SEC rules, major shareholders and insiders of exchange-listed corporations to trade a predetermined number of shares at a predetermined time,” Pfizer said. 

Pfizer and German partner BioNTech have said no serious safety concerns were found so far and expect to seek US emergency use authorisation this month, raising the chance of a regulatory decision as soon as December.

On Wednesday, Pfizer and BioNTech confirmed they reached an agreement with the EU to supply up to 300 million doses of their experimental vaccine. 

Meanwhile, Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases, said it would be challenging to distribute vaccines that use messenger RNA based technology in developing countries, owing to their cold storage requirements. 

The Pfizer and BioNTech vaccine candidate needs to be kept at minus 70 degrees Celsius or below. 

- Reuters