Why BioNTech Stock Jumped Today

Shares of BioNTech (NASDAQ: BNTX) rose sharply on Wednesday, following news of a major COVID-19 vaccine deal with the U.S. government.

As of 2:05 p.m. EDT, BioNTech's stock was up 10% after rising as much as 14% earlier in the day.

BioNTech and its partner Pfizer (NYSE: PFE) reached an agreement with the U.S. Department of Health and Human Services (HHS) and the Department of Defense. Under the terms of the deal, BioNTech and Pfizer will supply 100 million doses of their experimental COVID-19 vaccine, BNT162, should it prove both safe and effective, and obtain approval or Emergency Use Authorization from the Food and Drug Administration (FDA). In return, they'll be paid $1.95 billion. 

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Source Fool.com