FDA clears Pfizer/BioNTech vaccine
U.S. stock futures are pointing to a solid open for Wall Street on Monday after the U.S. Food and Drug Administration on Friday granted emergency use authorization for the coronavirus vaccine developed by Pfizer (NYSE: PFE) and its partner BioNTech (NASDAQ: BNTX).
The authorization came after an independent expert panel examined the data on the vaccine last week. Pfizer/BioNTech drug is the first coronavirus vaccine authorized for use in the United States.
Over the weekend, Centers for Disease Control and Prevention director Robert Redfield signed off the vaccine, meaning the vaccine can now be administered in the country.
Traders also remain optimistic that Congress will pass some form of stimulus bill before the end of the week, when the government’s spending authority is scheduled to expire.
By 5:45 a.m. ET, the blue-chip Dow futures were indicated 242 points, or 0.81% higher to 30,177. The S&P 500 futures gained 24.25 points, or 0.66% to 3,677.75 while the tech-heavy Nasdaq 100 futures jumped 56.63 points, or 0.46% to 12,424.88.
Crude futures climb on vaccine approval and tanker explosion
Crude futures also moved higher early Monday as traders welcomed an approval from the FDA for the Pfizer/BioNTech vaccine.
Prices were also lifted by reports that a Singapore-flagged oil tanker was hit by “an external source” while discharging at the port of Jeddah in Saudi Arabia Monday.
As of 5:45 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were up 41 cents, or 0.88% to $46.98 a barrel. International Brent crude futures were at $50.42, up 45 cents, or 0.9% a barrel.
AstraZeneca to acquire Alexion in a deal worth $39 billion
Shares in Alexion Pharmaceuticals (NASDAQ: ALXN) skyrocketed in pre-market trading Monday after AstraZeneca (NASDAQ: AZN) announced plans to acquire the company in a cash-and-stock deal valued at $39 billion, or $175 a share.
According to a statement released by the companies on Saturday, Alexion shareholders will receive $60 in cash plus 2.1243 AstraZeneca American depositary receipts for each share they hold.
The deal would be the largest ever for AstraZeneca since the company was founded in 1999. Alexion engages in the discovery, development and commercialization of therapies for people living with rare diseases.
Alexion Pharmaceuticals shares gained 32.37% to $160.14 in pre-market trading, while AstraZeneca shares fell 5.56% to $51.25.
