The University of Oxford and Britain’s AstraZeneca announced on Monday that the Covid-19 vaccine developed by them in collaboration could be approximately 90% effective against the novel coronavirus without having any serious side effects.

The British drugmaker said it will have as many as 200 million doses by the end of 2020 – around four times as many as US competitor Pfizer. Seven hundred million doses could be ready globally as soon as the end of the first quarter of 2021. The vaccine was 90% effective in preventing COVID-19 when it was administered as a half dose followed by a full dose at least a month later, according to data from late-stage trials in Britain and Brazil. No serious safety events were confirmed, the company said.

While revealing the results of the vaccine trial, University of Oxford said in a tweet that the milestone meant that it was a step closer to supplying the Coronavirus vaccine around the world.

British Prime Minister Boris Johnson greeted the news with enthusiasm, tweeting: “Incredibly exciting news the Oxford vaccine has proved so effective in trials. There are still further safety checks ahead, but these are fantastic results.”

Professor Andrew Pollard, Chief Investigator of the Oxford Vaccine Trial at Oxford, said: “These findings show that we have an effective vaccine that will save many lives. Excitingly, we’ve found that one of our dosing regimens maybe around 90% effective and if this dosing regime is used, more people could be vaccinated with planned vaccine supply. Today’s announcement is only possible thanks to the many volunteers in our trial, and the hard-working and talented team of researchers based around the world.” Given that Oxford jab is priced cheaper, and is easier to store and get to every corner of the world than the other two successful vaccines, it is set to play a key role in tackling the pandemic, if it is approved by regulators.

The Serum Institute of India, the world’s largest manufacturer of vaccines by volume, has partnered with AstraZeneca, the Gates Foundation and the Gavi vaccine alliance to produce more than a billion doses of a COVID-19 vaccine for global supply.