China vaccine stocks rebound as Merkel opposes patent waiver

FILE PHOTO: A medical worker prepares a dose of the "Comirnaty" Pfizer-BioNTech COVID-19 vaccine inside the exhibition palace transformed into a vaccination center in Nice as part of the coronavirus disease (COVID-19) vaccination campaign in France, April 29, 2021. REUTERS/Eric Gaillard

SHARES of Covid-19 vaccine developers in Asia got some relief after the German Chancellor rejected a U.S. proposal to waive patent protections for coronavirus shots.

Chinese vaccine makers rebounded after slumping on Thursday following the initial news that the U.S. would support discussions for a waiver of the rights to develop vaccines. The Biden administration’s plan would create "severe complications” for the production of vaccines, a German government spokeswoman said Thursday in an email.