Stocks of major pharmaceutical corporations plummeted Wednesday after the Biden administration announced its support for a coronavirus vaccine patent waiver, a measure that would free vaccine recipes from Big Pharma’s stranglehold and help enable generic manufacturers to ramp up global production.
As CNBC reported, shares in Pfizer, BioNTech, Novavax, and Moderna fell to “session lows” after the Biden White House endorsed the waiver—a potentially seismic move that came after weeks of tireless campaigning by progressive lawmakers and advocacy groups.
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