Watch live: The World Health Organization holds a briefing on the pandemic after Moderna find its vaccine is highly effective

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The World Health Organization is holding a briefing Monday on the coronavirus pandemic after Moderna said preliminary phase three trial data shows its vaccine is more than 94% effective in preventing Covid-19.

The announcement comes on the heels of similar news last week from Pfizer‘s late-stage Covid-19 vaccine trial as pharmaceutical companies across the world race against the clock to find ways to prevent the virus, which has spread to more than 54.4 million people, according to data compiled by Johns Hopkins University.

Last month, Moderna said it was in ongoing talks with the WHO-backed COVAX initiative on a tiered pricing proposal for its vaccine, which it’s tentatively calling mRNA-1273.

Read CNBC’s live updates to see the latest news on the Covid -19 outbreak.