Pfizer Inc. (NYSE:PFE) announced a multi-year agreement with Gilead Sciences, Inc. (NASDAQ:GILD) to manufacture Remdesivir, Gilead’s investigational antiviral that is being tested for treatment of COVID-19. Under the terms of the agreement, Gilead will grant Pfizer exclusive rights to produce Remdesivir at its McPherson, Kansas facility. Remdesivir has shown promising results in the fight against COVID-19.
Pfizer to partner with stakeholders in the hunt for virus
In March, Pfizer launched a platform inviting all stakeholders to join efforts in the hunt for a COVID-19 vaccine. The company invited members from various innovation ecosystems to work together in developing a cure for COVID-19.
“From the beginning it was clear that no one company or innovation would be able to bring an end to the COVID-19 crisis. Pfizer’s agreement with Gilead is an excellent example of members of the innovation ecosystem working together to deliver medical solutions,” said Albert Bourla, Chairman and Chief Executive Officer.
Pfizer has partnered with BioNTech, a German-based pharmaceutical company, to look for a potential COVID-19 vaccine. The company noted that the deal is part of the broader efforts to scale up the hunt for an investigational treatment for the virus.
Countries in race to look for vaccine as pandemic rages on
COVID-19 cases are raising in almost all countries around the world, with the US being hit hardest. The hunt for a vaccine has become the number one priority for all pharmaceutical players and governments worldwide. The federal government has bankrolled many of the trials happening in the US.
Physicians have scrambled to get an effective treatment, with many proposals backfiring. There has been heated debate with regard to whether hydroxychloroquine, arthritis, and malaria medicine can be used to treat COVID-19. Additional studies have proven that the drug is not effective in treating COVID-19 and can also cause side effects.
On the other hand, Remdesivir has proven effective in the treatment of COVID0-19. The drug has received emergency authorization from the Food and Drug Administration to treat severely ill Covid-19 patients. The drug is yet to receive final approval, although it has shown positive results in many patients.