Pfizer and Germany's BioNTech announced that they will apply on Friday for an FDA emergency use authorization for their coronavirus vaccine.

Why it matters: This could set the stage for initial vaccine distribution in the U.S. by mid-to-late December. It also comes less than two weeks after Pfizer released efficacy data for its vaccine, and just days after releasing safety data — which suggests that fellow vaccine developer Moderna may apply for its emergency use authorization around Thanksgiving.