The Food and Drug Administration granted Pfizer and BioNTech full U.S. approval of their Covid-19 vaccine for people age 16 and older on Monday.
The hope is that the approval will provide a greater number of Americans with confidence in the vaccine and encourage more Americans to get the shots. (Story continues below.)
Until now, the mRNA vaccine was permitted under Emergency Use Authorization.
The approval is the first of its kind for a Covid-19 vaccine. As such, Pfizer and BioNTech have the distinction of becoming the first in the U.S. to win approval which may provide more schools, universities and businesses the ability to adopt vaccine mandates.
Shares of Pfizer traded up 4% on the news, gaining $2 per share to trade at $50.72. The ADR for German company BioNTech (BNTX) traded up nearly 9% at $379 per share.