U.S. to Buy 500 Million Pfizer COVID-19 Vaccines to Share Through COVAX Alliance
A enhanced practice nurse holds a vial of the Pfizer vaccine in this arranged photograph on June 6, 2021 in Stanmore, Greater London. Belmont Health Centre saw long queues over the weekend after opening for walk-in appointments to over-18s who live or work in Harrow and have yet to have their first Covid-19 vaccinations. Hollie Adams/Getty Images

The U.S. is eyeing to acquire 500 million more doses of Pfizer COVID-19 vaccine to share globally through the COVAX alliance.

The recipients of the said vaccines will be those from 92 lower-income countries and the African Union over the next year, according to an Associated Press report.

President Joe Biden is expected to announce it on Thursday, June 10, in a speech before starting the Group of Seven summit.

An individual familiar with the matter said the 200 million doses would be shared this year, which is enough to fully protect 100 million people. The remaining balance will be donated in the first half of 2022.

In his speech to the U.S. military at Royal Air Force Mildenhall, which is the first stop of an eight-day, three-country foreign trip on Wednesday, June 9, Biden said that everyone should just not end COVID-19 at home but everywhere.

National security adviser Jake Sullivan said that the Biden administration was committed to sharing vaccines as it was in the U.S.' public health and strategic interests.

The announcement comes after the White House revealed its plans to donate an initial allotment of 25 million doses of surplus vaccine overseas, CNBC reported.

COVAX Alliance

COVAX is an international effort established last year to ensure fair access to vaccines between rich and poor countries. However, the global situation is still unequal, according to a BBC News report.

Through the COVAX alliance, more than 49 million doses have been delivered. Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus said funding of an additional $35-$45 billion would be needed over the course of years to ensure that most adults are vaccinated.

COVAX is being co-led by the WHO, the Global Vaccine Alliance, and the Coalition for Epidemic Preparedness Innovations. The UN Children's Fund, Unicef, is the key implementation partner of the COVAX.

Health experts had claimed that the fight against the COVID-19 pandemic is a global one, urging wealthier nations to do more to help others bring the situation under control.

COVAX was established to encourage global vaccine effort and ensure a fairer distribution of the vaccines. Ghana was the first country to receive vaccines through the COVAX initiative in February.

Sweden is the latest country to donate to the effort, promising one million AstraZeneca doses at the start of May. COVAX is using vaccines with emergency use authorization.

The latest one to join the pot is Moderna, which has agreed to deal with COVAX for 500 million doses at its "lowest-tiered price." However, the bulk of the order will not be available until 2022.

U.S. Effort

Meanwhile, the U.S. will pay "not-for-profit" prices to Pfizer for supplies of the vaccines with 200 million doses to be distributed this year and 300 million more by the middle of next year.

Joe Biden had pledged to share 80 million vaccine doses with other countries, with most of those to be distributed by COVAX.

The U.S. has done 303 million vaccine administration to more than 171 people who have received at least one dose, Aljazeera reported.

WATCH: Biden Administration to Buy 500 Million Pfizer Vaccines for Donation - From CNBC Television