Pharmaceutical and biotechnology giant, Pfizer announced Tuesday that it signed a licensing agreement to permit expanded global access to Paxlovidits, its new experimental COVID-19 pill, CNN reports.

A total of 95 low and middle-income countries will now have access to the pill via the new licensing agreement.

Paxlovid, which is also known as PF-07321332 and is prescribed in combination with the anitviral drug Ritonavir, will now be available to 53 percent of the world's population. The agreement that allows the distribution is between Pfizer and a United Nations backed public health organization called Medicines Patent Pool.

According to a recent drug trial, Pfizer says Paxlovid contributed to an 89 percent reduction in the risk of hospitalization or death from COVID-19 among people who took the medication within the first three days of symptom onset. 

Pfizer says it will submit the pill for authorization by the US Food and Drug Administration before December.

Additionally, Pfizer stated, "Pfizer will not receive royalties on sales in low-income countries and will further waive royalties on sales in all countries covered by the agreement while COVID-19 remains classified as a Public Health Emergency of International Concern by the World Health Organization."