The European Union will buy up to 300 million doses of the COVID-19 vaccine being developed by Pfizer and BioNTech, the head of the European Commission said Monday.

Earlier in the day, the US and German pharmaceutical giants announced their COVID-19 vaccine candidate is 90% effective against the novel virus.

“Great news from Pfizer & BioNTech on the successful results of their latest clinical trial for a #COVID19 vaccine,” Ursula von der Leyen tweeted. “EU Commission to sign contract with them soon for up to 300 million doses.”

The companies said they will submit the vaccine candidate to the US Food and Drug Administration for emergency use authorization by the third week of this month.

The 27-member bloc has also signed supply deals with AstraZeneca, Sanofi and Johnson & Johnson for their potential COVID-19 shots.

There are currently more than a 100 vaccine candidates for COVID-19 around the world but none has been approved yet for general use.

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