United States-based Johnson & Johnson (NYSE: JNJ) has received approval from the European Commission for an advance purchase agreement for the supply of 200 million doses of the company's candidate COVID-19 vaccines to EU member states, it was reported on Friday.

The company is taking this step after approval from regulatory bodies. European Union member states also have the option of receiving up to 200 million additional doses.

This agreement follows the completion of exploratory talks with the EC. The firm continues to engage in discussions with other stakeholders, including national governments and global organisations, under its efforts to meet its commitment to make its vaccine candidate globally accessible. The company is also planning to offer up to 500 million doses of vaccine to participate international efforts to make it accessible to low-income countries. Delivery is to commence in the middle of 2021 after approval from regulatory bodies.