Biopharmaceutical giant Pfizer Inc. (NYSE: PFE) completed a $1.25 billion ten-year “sustainability” bond paying interest semi-annually of 2.625 percent and maturing April 1, 2030.
This is the company’s first-ever sustainability bond.
Proceeds from the bond will help manage the company’s environmental impact and support increased patient access to Pfizer’s medicines and vaccines, especially among underserved populations, and strengthen healthcare systems.
A focus of the proceeds will drive long-standing strategies to become more energy efficient, conserve more water, reduce waste and increase recycling associated with the company’s operations and construct “green” buildings.
Other planned investments in physical infrastructure include application of technology including sensors and insulation that result in energy savings at its manufacturing and R&D sites and commercial offices globally including new Pfizer corporate headquarters.
The proceeds will also support vulnerable population groups including women, children under 5 years of age, and people temporarily displaced due to natural disasters and refugees who the company reaches through partnerships that address global public health emergencies.
In addition, proceeds will be used to make capital investments in manufacturing and development capacity that ensure medicines and vaccines needed and procured by governments and public health agencies are available in line with recommendations from global public health organizations. This includes work to address the global COVID-19 pandemic and the threat of antimicrobial resistance.
Proceeds will also support spending to strengthen health systems in low- and middle-income countries, including grants structured to motivate other private capital and other innovative approaches to help address infectious disease in these underserved populations.