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Sept. 22, 2022, 6:04 p.m. EDT

Pfizer, Biontech, Moderna, Novavax to Gain in Passing of New Law

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Sep 22, 2022 (PressReach.com via COMTEX) -- To increase financing for American biomanufacturing, Biden will sign an executive order in a move poised to benefit pharmaceutical majors such as Pfizer, BioNTech, Moderna, and Novavax

An executive order to increase support for the American biotechnology sector will be signed by President Joe Biden on Monday in an effort to lessen China’s reliance on American agricultural inputs, clean energy, and COVID-19 vaccinations.

Senior administration officials stated that Biden would give a speech in Boston on Monday following the signing of the order and that the White House would host a meeting on Wednesday to discuss the biotech effort and make investments to increase domestic R&D and production.

The executive order will lay out a plan for allocating federal financing to support domestic manufacturing for the use of microbes and biologically derived materials to develop a wide range of resources, including novel foods and fertilizers as well as pharmaceuticals and human tissues.

Producers of the COVID-19 vaccine, such as Pfizer /zigman2/quotes/202877789/composite PFE +1.07% , BioNTech (BNTX), Moderna (MRNA), and Novavax (NVAX), as well as those who produce biodiesel, such as the Renewable Energy Group of Chevron /zigman2/quotes/205871374/composite CVX +0.30% , Extreme Biodiesel (otcpk:XTRM), and a company that produces genetically modified seeds, Corteva, Inc. (CTVA), could all benefit.

According to a Monday White House announcement , the Advanced Research Projects Agency for Health (ARPA-H), a newly founded organization to promote biomedical discoveries, will be led by Dr. Renee Wegrzyn, a veteran science advisor.

Dr. Wegrzyn is the Vice President for Business Development at Ginkgo Bioworks, a cell programming platform firm (DNA). A few weeks after President Biden issued an executive order to increase domestic semiconductor production, the government is making its latest effort to compete with China in the biomanufacturing sector.

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Author: Jowi Kwasu
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COMTEX_415063259/2810/2022-09-22T18:04:19

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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 50.24
+0.53 +1.07%
Volume: 15.93M
Dec. 7, 2022 4:03p
P/E Ratio
9.67
Dividend Yield
3.18%
Market Cap
$279.04 billion
Rev. per Employee
$1.26M
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/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 172.52
+0.51 +0.30%
Volume: 6.94M
Dec. 7, 2022 4:03p
P/E Ratio
9.82
Dividend Yield
3.29%
Market Cap
$332.61 billion
Rev. per Employee
$5.36M
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