Johnson & Johnson (JNJ) said it will begin testing a COVID-19 vaccine on humans in September with expectations to bring the drug to the market in early 2021.

The pharmaceutical company said it anticipates a global supply of more than one billion doses of the vaccine after clinical studies, which is an accelerated timeframe for the development process, which typically takes five to seven years for approval and production.

The drug development is part of a new $1 billion partnership with the U.S. Department of Health and Human Services’ Office of the Assistant Secretary for Preparedness and Response called Biomedical Advanced Research and Development Authority (BARDA).

The co-funded vaccine research, development, and clinical testing will allow Johnson & Johnson to validate a COVID-19 vaccine using personnel and infrastructure as needed. Additional funding was provided to continue ongoing work to identify potential antiviral treatments for the coronavirus.

Under the partnership, Johnson & Johnson will expand its manufacturing capacity in the U.S. and overseas to allow for the rapid production of the vaccine once approved.

Johnson & Johnson said it is committed to bringing an affordable vaccine to the public on a not-for-profit basis to fight the coronavirus.

“The world is facing an urgent public health crisis and we are committed to doing our part to make a COVID-19 vaccine available and affordable globally as quickly as possible,” Alex Gorsky, Chairman and Chief Executive Officer, Johnson & Johnson, said in a statement. “

“As the world’s largest healthcare company, we feel a deep responsibility to improve the health of people around the world every day. Johnson & Johnson is well positioned through our combination of scientific expertise, operational scale and financial strength to bring our resources in collaboration with others to accelerate the fight against this pandemic,” he added.

Johnson & Johnson also said it has identified a lead COVID-vaccine with two alternative backups.

Shares of Johnson & Johnson stock were up 6.46% as of 10:18 a.m. EDT on Monday.

Johnson & Johnson
Johnson & Johnson was ordered by a Missouri jury to pay over $110 million to a Virginia woman after she developed ovarian cancer from using its talc-based products, May 4, 2017. In this photo, a Johnson & Johnson logo at Safe Kids Day 2016 at Smashbox Studios in Los Angeles, California, April 24, 2016. Getty Images