What happened

Coronavirus vaccine developer BioNTech (BNTX -0.43%) had a happy hump day, with its shares rising 9.5% -- in sharp contrast to the S&P 500 index, which declined by a fraction. The company's high-demand product is getting another big lift from the public sector.

So what

The Biden administration reportedly plans to buy 500 million doses of BNT162b2 for distribution abroad. That's according to a Washington Post report published Wednesday morning, citing "three people familiar with the plans."

Pregnant woman receiving a vaccine jab.

Image source: Getty Images.

The doses will be donated to low- and middle-income countries, as part of the administration's previously stated goal of helping such nations fight the pandemic. COVAX, the global coronavirus vaccine initiative, will distribute the jabs.

BNT162b2 is the vaccine developed by BioNTech in collaboration with global pharmaceutical heavyweight Pfizer (PFE 0.10%). It has been authorized for use in both the European Union and the U.S. It is one of only three coronavirus vaccines given the green light by the FDA.

According to the article's sources, Biden will announce the government's new initiative at the Group of Seven meeting later this week in the U.K. Pfizer CEO Albert Bourla will reportedly be at his side when he does so.

Now what

The U.S. government's obvious confidence in the Pfizer/BioNTech vaccine burnishes its reputation, and it will continue to be a key instrument in keeping the still-deadly coronavirus at bay. By extension, this will enhance BioNTech's stature and keep attention focused on the solid work of the German biotech.