Health care products companies Pfizer and immunotherapy company BioNTech SE reported on Friday that the companies have entered into an advance purchase agreement with COVAX for the delivery of up to 40 million doses of the Pfizer-BioNTech COVID-19 vaccine throughout 2021.

COVAX is a global initiative that ensures equitable access to COVID-19 vaccines for all countries, regardless of income levels. COVAX includes an Advanced Market Commitment (AMC) financial mechanism that aims to ensure that 92 low- and lower-middle-income countries will be able to secure access to COVID-19 vaccines at the same time as higher-income countries.

Subject to the negotiation and execution of supply agreements under the COVAX Facility structure, the first doses of Pfizer-BioNTech COVID-19 vaccine are expected to be delivered in the first quarter of 2021. Financial terms of the agreement were not disclosed.

The companies added that the vaccine will be provided to COVAX at a not-for-profit price for the COVAX Advanced Market Commitment to 92 countries.

In addition, the companies are committed to partnering with other global health stakeholders to provide expertise and resources that can strengthen healthcare systems where greater support may be needed to deploy COVID-19 vaccines. This includes analyzing supply chains and piloting novel approaches in low-income countries, refugees and other vulnerable populations to address transportation and storage challenges.