Sanofi is also working on another potential COVID-19 vaccine with US company Translate Bio, using a technology called mRNA.
In August, the Commission paid AstraZeneca €336 million to secure under these conditions 300 million doses of its vaccine under development with an option to buy other 100 million shots.
This is the second contract the European Union has signed on behalf of its 27 member states.
The EU deal will not only provide Sanofi and GSK's shot to the region's member nations but will also free the bloc to divert some of those doses to low- and middle-income countries, the drugmakers said.
"With several countries in Europe experiencing new outbreaks after the summer period, a safe and effective vaccine is more instrumental than ever to overcome this pandemic and its devastating effects on our economies and societies".
Ganabaskaran yesterday said Putrajaya should be more transparent about its plans to acquire Covid-19 vaccines for the country after it was reported that Malaysia was not on the list of 172 countries that have signed up for Covax.
European Commissioner for Health Stella Kyriakides said this second agreement is yet another milestone in the EU's vaccine strategy, which is expanding possibilities to ensure that EU citizens and people around the world can gradually resume their daily life.
Moderna had enrolled 25,296 participants out of a planned 30,000 in its late-stage study as of Wednesday. It can also improve the likelihood of delivering an effective vaccine that can be manufactured at scale. The report further quoted a company spokesperson as saying that each dose of the Sputnik V vaccine will consist of two separate vials.
Together with the Member States and the European Medicines Agency, the Commission will use existing flexibilities to accelerate the authorisation and availability of successful vaccines against COVID-19. He has also claimed that the vaccine has proven to be safe during the first phase of pre-clinical studies and clinical experiments. The regulatory processes will be flexible but remain robust. Phase 3 trials test the vaccine on thousands of people to observe the vaccine's effectiveness in preventing Covid-19 infection.
In return for the right to the doses, the European Commission will finance part of the upfront costs faced by vaccine producers.
The IE report added that as per the timeline suggested by RDIF, about 10 crore Indians could be expected to receive the vaccine by the end of 2020.