GlaxoSmithKline PLC (LON:GSK) announced its COVID-19 vaccine developed with French giant Sanofi was selected as part of a fast-track programme by the US government.
Washington will provide funding of up to US$2.1bn for development including clinical trials, manufacturing, scale-up and delivery of an initial 100mln doses.
READ: GlaxoSmithKline and Sanofi land £500mln vaccine deal as UK government continues to hedge its coronavirus bets
Over US$1bn are needed to support the jab’s development such as the trials on humans, with the phase 1/2 scheduled to start in September, followed by a final stage by the end of the year.
If data are positive, the companies can request US regulatory approval in the first half of 2021.
The pair are also discussing with global organisations and with the EU Commission, with France and Italy on the negotiation team on supplying EU countries.
Earlier this week, the UK government signed a £500mln deal to buy 60mln doses of the inoculation.
Shares in GSK advanced 1% to 1,548.2p on Friday at lunchtime.