EU could pay $10 billion for vaccines - source

A flurry of encouraging vaccine news has got countries lining up to thrash out deals for doses.

On Friday (November 20) it was reported that the European Union could pay more than $10 billion.

According to an EU official involved in the talks, that would get it hundreds of millions of doses of the vaccines being developed by Pfizer-BioNTech and CureVac.

The source told Reuters that the bloc has agreed to pay around $18 per dose for the COVID-19 vaccine being developed by Pfizer and BioNTech.

Pricing information was previously undisclosed.

But the report confirms the EU would be paying less per dose than the United States for an initial supply of that vaccine.

The source added that the deal includes an insurance for EU countries to get compensation if the companies divert doses to the U.S.

In a separate deal, the official said that the EU has agreed to pay a little under $12 per dose for an initial supply of 225 million doses of the vaccine candidate from CureVac.

This week the bloc struck a deal with the firm to secure the supply of up to 405 million doses.

With deliveries reportedly starting by the end of March.

A spokesman for the European Commission, the bloc's executive body, declined to comment on terms and pricing.

Germany's BioNTech and CureVac also declined to comment.

U.S. drugmaker Pfizer said it and BioNTech were using a tiered pricing formula based on volume and delivery dates.

It said the EU deal represented the largest initial order of its vaccine candidate to date.

Pfizer and BioNTech said on Wednesday that final data showed their shot was 95% effective against COVID-19.