NIH starts testing Gilead's remdesivir as treatment for COVID-19

26 February 2020

A randomized, controlled clinical trial to evaluate the safety and efficacy of the investigational antiviral remdesivir in hospitalized adults diagnosed with coronavirus disease 2019 (COVID-19) has begun at the University of Nebraska Medical Center (UNMC) in Omaha.

Remdesivir is a compound developed by US biotech major Gilead Sciences (Nasdaq: GILD), whose shares jumped 4.6% on Monday, ahead of the NIH announcement after a World Health Organization official remarked that the product was "the most promising candidate” as a treatment for COVID-19. However, the stock fell back 3.8% to $70.10 on Tuesday as analysts said remdesivir was unlikely to be the big money-spinner for the company in the short term.

Goldman Sachs has said that Gilead’s month-to-date move had already priced in as much as $5.5 billion in extra sales, but the Financial Times pointed out that Roche (ROG: SIX) and GlaxoSmithKline (LSE: GSK) had together made just $4 billion from government stockpiling swine flu treatments in 2009.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK