🚀 ProPicks AI Hits +34.9% Return!Read Now

EU buys enough remdesivir to treat 30,000 COVID cases, seeks more

Published 29/07/2020, 11:28
© Reuters. FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen during the outbreak of the coronavirus disease (COVID-19), in California
GILD
-

By Francesco Guarascio

BRUSSELS (Reuters) - The European Union's executive said on Wednesday it had agreed to buy a limited supply of the COVID-19 medicine remdesivir from U.S. drugmaker Gilead (O:GILD) to address the short-term needs of European patients, and hoped to be able to order more later.

The anti-viral is the only drug so far authorised in the EU to treat patients with severe symptoms of COVID-19, but nearly all available supplies have already been bought by the United States.

The EU Commission has agreed to pay 63 million euros (57.06 million pounds) to buy enough doses to treat about 30,000 patients, it said in a statement.

The United States signed a deal with Gilead in June for more than 500,000 courses of treatment, which accounts for most of the company's output through September..

The Commission said this batch would address "just immediate needs", and that it was already working to secure new doses from October.

Gilead appears to be selling the drug to Europe for 2,100 euros per patient, or $2,467, based on Reuters' calculations.

That would be slightly more than the $2,340 price set by Gilead for wealthier nations at the end of June, although exact terms of the deal have not been disclosed.

Most European countries have passed the peak of the COVID-19 pandemic but a new wave of infections in recent days has pushed countries to reintroduce restrictions.

© Reuters. FILE PHOTO: The coronavirus disease (COVID-19) outbreak in Cairo

While the number of hospitalisations is on the rise in Europe, they remain far below the height of the outbreak in March and April, when many hospitals were overwhelmed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.