Pfizer, Moderna shares plummet after Biden administration backs a COVID-19 vaccine patent waiver

The United States will advocate for waiving COVID-19 vaccine patent protections in discussions with the World Trade Organization, U.S. Trade Representative Katherine Tai announced Wednesday. The Biden administration "believes strongly in intellectual property protections," Tai said in a statement, but the White House will back the waiver given the "extraordinary circumstances of the COVID-19 pandemic."
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