Pfizer Inc and BioNTech's new proposal with the European Union includes a provision for member states to pay half price, or about 10 euros ($11), for each of about 70 million cancelled COVID-19 doses, the Financial Times reported on Sunday.

The revised contract would allow the EU to upgrade to newer vaccines tailored to any future COVID-19 variants, the report added, citing people close to negotiations. ($1 = 0.9074 euros)

(Reporting by Urvi Dugar in Bengaluru; Editing by Lincoln Feast)