Investing.com – Stocks of Merck (NYSE:MRK) and Pfizer (NYSE:PFE) rose over 2% each Wednesday as Britain contracted supplies of their yet-to-be-approved Covid-19 antivirals.
"We may soon have a new defense in our arsenal with two new antiviral drugs that we have secured," Health Minister Sajid Javid said in a statement.
Britain said it had secured 480,000 courses of Merck's molnupiravir, an antiviral pill which can be used in non-hospitalized patients. The company is yet to apply with drug regulators for approval to the medicine.
The country has also secured 250,000 courses of Pfizer’s PF- 07321332 / ritonavir antiviral.
Merck claims that the pill can halve the risks of hospitalization and death from Covid. The company is developing the drug with Ridgeback Biotherapeutics. If approved, it could become the first oral antiviral to combat the pandemic.
Both the antivirals would need approval by the Medicines and Healthcare products Regulatory Agency before being used, the government said.