German, US companies sign deal to develop a vaccine

US drugmaker Pfizer and Germany's BioNTech will immediately start work together on a potential vaccine for COVID-19.

Both companies have signed a letter of intent for the vaccine's distribution outside China and will decide on possible commercialization, among others, over the next few weeks.

"This is a global pandemic, which requires a global effort. In joining forces with our partner Pfizer, we believe we can accelerate our effort to bring a COVID-19 vaccine to people around the world who need it.” Ugur Sahin, Co-Founder, and CEO of BioNTech.

The companies said they would use BioNTech's mRNA-based drug development platform and will use research and development sites in both the US and Germany.