As Gilead Sciences has said, the 127 countries on the remdesivir distribution list vary from low- to high-income countries. All of them face barriers in getting healthcare access. Meanwhile, now GILD stock is up after falling 3.53% yesterday.
Gilead Sciences Inc (NASDAQ: GILD) has significantly progressed in treating COVID-19 patients with remdesivir — a drug initially used to fight the Ebola virus. The company has been lately looking for manufacturing partners to boost drug production. Yesterday, Gilead Sciences said it would supply remdesivir to 127 countries, not including the U.S. To distribute the drug, the company has signed non-exclusive voluntary licensing agreements with five generic pharmaceutical manufacturers in India and Pakistan.
Gilead signs non-exclusive voluntary licensing agreements with five generic manufacturers to further expand supply of our investigational antiviral for COVID-19 in 127 countries. Learn more about our efforts to increase supply globally: https://t.co/qBoiO8HZ32.
— Gilead Sciences (@GileadSciences) May 12, 2020
According to Gilead’s statement, the companies involved in the deal include Cipla Ltd., Mylan, Hetero Labs Ltd., Ferozsons Laboratories, and Jubilant Lifesciences. Within the licensing agreements, the producers are entitled to receiving a technology transfer of the remdesivir manufacturing process. Therefore, it is possible to enhance the production. Besides, the license participants can set their own prices for the generic product they manufacture. The licenses are royalty-free until the World Health Organization (WHO) either declares the end of the coronavirus pandemic. There is also another option: the WHO may also approve some vaccine to prevent the virus.
As Gilead has said, the 127 countries on the remdesivir distribution list vary from low- to high-income countries. All of them face barriers in getting healthcare access.
The U.S. Food and Drug Administration (FDA) has not approved remdesivir. However, it granted emergency use authorization for the drug to treat COVID-19 patients. Last week, Gilead made remdesivir available for treating patients in U.S. hospitals, starting the shipment of tens of thousands of treatment courses. In addition, WHO engaged the US government and Gilead Sciences to make the drug more widely available. The company has already donated its existing 1.5 million vials to the US government. This supply is enough to treat 150,000 to 200,000 patients. The U.S. government determines how to allocate the drug across the country based on the demand.
Gilead Sciences (GILD) Stock Up in Pre-Market
Gilead Sciences (GILD) stock is highly volatile lately, as the company is constantly updating the data on fighting COVID-19 with remdesivir. Currently, the main factors to influence GILD stock price are Gilead’s progress in remdesivir studies, coronavirus treatment, and approval for remdesivir use. For example, last week, Japanese Health Minister Katsunobu Kato indicated Japan was set to approve the drug. Following the announcement, the GILD stock took off.
Gilead Sciences’ 52-week highest stock price is $85.97, the 52-week lowest is $60.89. The annual stock price change as of now is 19.96%.
GILD stock plummeted by 3.53% to $77.95 yesterday. After hours, it rose by 0.51% to $78.35 per share. In the pre-market today, GILD stock is further up, by the moment of writing it has jumped by 0.53% to $78.36.
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