Pfizer just got a large federal purchase order. Photo: Jakub Porzycki/NurPhoto via Getty Images
The Trump administration has agreed to pay Pfizer $1.95 billion for 100 million doses of the experimental coronavirus vaccine the company is developing along with German biotech company BioNTech. The deal also gives the government the right to buy another 500 million doses.
Why it matters: The federal government is betting that Pfizer and BioNTech's vaccine will effectively stave off the coronavirus and therefore is worth buying before more definitive clinical trial data come out. The Department of Health and Human Services made a similar deal for Novavax' vaccine.