The European Union has secured 300 million doses of COVID-19 vaccine from medical firms BioNTech and Pfizer.

The European Commission announced on Wednesday that it had concluded talks on buying the potential vaccine with Germany- and US-based companies working together on developing the serum.

The EU would buy 200 million doses under the envisaged agreement with an option of getting further 100 million doses if the vaccine proves to be safe and effective against COVID-19.

This is the sixth agreement the bloc has managed since the EU Commission announced its Vaccine Strategy in June.

The EU executive body has already signed a contract with AstraZenaca last month for buying 300 million doses.

The institution has also concluded initial agreements with companies Sanofi-GSK, Johnson & Johnson, CureVac and Moderna.

The EU budget will cover up to €2.7 billion ($3.2 billion) from the purchasing project, while the member states will pay for the rest.

Once the vaccine doses are delivered, the EU countries will have the choice to distribute it among their own citizens or donate to other countries.

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