The deal is part of Pfizer’s five-point plant launched in March, by which pharmaceutical companies are to work together to provide a COVID-19 treatment.
Under the deal, Pfizer will provide manufacturing and supply services at its McPherson facility for Gilead. Being one of the largest drug-makers globally, Pfizer is expected to facilitate the production of Remdesivir and put it quickly on the market.
Albert Bourla, Chairman and CEO at Pfizer, stated that "we are pleased that Gilead is using our manufacturing capacity to help facilitate the supply of this medicine to patients as quickly as possible."
Currently, Remdesivir is one of the front-running treatments, as clinical trials showed a 62% decrease in mortality rates when administrated. Now, the drug is available only for treating severe cases of COVID-19 infection.
On Monday, Gilead Sciences applied for approval from the FDA (Food and Drug Administration) for Remdesivir.
During pre-market trading, Gilead stock price added 0.35%, while Pfizer gained 0.21%.
Sources: cbsnews.com, thestreet.com, pharmatimes.com