Johnson & Johnson (JNJ) will develop a coronavirus vaccine with Merck & Co’s (MRK) assistance. According to The Wall Street Journal, US President Joe Biden is expected to reveal at today’s State of the Union address.
According to an official quoted by the newspaper, Biden is expected to update the pandemic while making the announcement. The vaccine, which has been approved by the US Food and Drug Administration (FDA) on Saturday, will be made faster with Merck’s assistance, a competitor of Johnson & Johnson. There is a requirement that the J&J vaccine is given a dose for vaccination.
J&J refused to comment on this matter. As a statement, today from Merck spokesman quoted the company as saying it is still committed to its global pandemic preparation and is committed to helping respond to future pandemics.
The White House’s coordinator for the coroner, Jeff Zients, worked alongside executives at the Ministry of Health and Human Services and officials from the two companies to agree and says a source with knowledge of the matter.
Although the J&J vaccine is the third US-approved vaccine, the initial supply is limited due to the company’s increase in production. Nearly 4 million shipments have been produced by the company this week. By March 31, the Biden administration is expected to deliver nearly 20 million dosing units.
According to the US government, Pfizer and Moderna have agreed to provide all Americans with enough doses by the end of July. It is unclear, however, whether the J&J vaccine will affect this schedule.
On March 02, Merck & Co. shares (MRK) closed trading at 0.65% higher and reached as high as $73.49. On the last trading day, prices ranged from $72.40 to $73.49. The company’s shares’ price is -32.23% below the target price of $96.33 for the shares. The company currently has a market capitalization of $189.39 billion.
Meanwhile, Johnson & Johnson (JNJ) shares have gained 13.53% since the start of the year. The last five trades saw a decline of -0.89%, and the 30 trades before that saw a drop of -2.52%. During the prior three months, the company’s price increased by 10.43% and 3.5%. But over the last six months, JNG stock has grown by 3.50%, and it added 10.43% to its value over the previous three months.