Shares of COVID vaccine makers plummet after US backs IP waiver

Shares of Moderna and other makers of the COVID-19 vaccines plummeted after the US backed a plan to waive intellectual property protections for the life-saving products.

Moderna stock fell more than 6 percent Wednesday after the announcement and extended those losses a further 2 percent in premarket trading on Thursday. Pfizer shares were down more than 3 percent in that same period and shares of its vaccine partner BioNTech were down more than 7 percent.  U.S. Trade Representative Katherine Tai announced Wednesday that the US will advocate for the “extraordinary measures,” which would potentially enable companies in developing countries to manufacture their own versions of the vaccines, increasing the supply globally.