Pfizer Inc. and partner BioNTech SE said Monday two of their experimental coronavirus vaccine candidates received "fast track" status from the U.S. Food and Drug Administration, which is designed to speed up the regulatory review process.
The U.S.-listed shares of the German firm climbed about 15 percent, while Pfizer's stock rose about 5 percent. The news lifted broader market sentiment as investors cheered signs of progress in COVID-19 vaccine development.
The FDA grants fast track status to speed up the review of new drugs and vaccines that show the potential to address unmet medical needs.