The Covax initiative was established by leading public health agencies, including the World Health Organization, to provide governments with early access to a large portfolio of COVID-19 vaccines. The new advance purchase agreement secures 40 million doses to be delivered throughout 2021.

The first doses are expected to be delivered in the first quarter of the year, and Pfizer and BioNTech will provide the vaccine to 92 low- and middle-income countries for not-for-profit pricing.

Terms of the agreement were not disclosed. The delivery is subject to supply agreements under the Covax Facility structure.

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