Business 29 July 2020, 4:18pm

EU signs deal with Gilead to supply COVID-19 drug

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The European Commission has signed an agreement with Gilead Sciences Inc. for supplies of the company’s antiviral drug remdesivir to combat the coronavirus, EC spokesperson Dana Spinant announced on Wednesday.

The Commission signed a EUR 63 million contract with Gilead for Veklury, the brand name for remdesivir, to be made available to EU countries and the UK starting in early August to provide treatment for 30,000 patients with severe COVID-19 symptoms

Fai distribution of the drug among member states will take place using an allocation key based on the recommendations of the European Centre for Disease Prevention and Control, Spinant said.

The Commission also said it’s preparing a joint procurement for further supplies of the medicine to cover extra needs as of October.

The EU conditionally authorised Gilead’s Veklury drug for treating severe coronavirus patients in July, but nearly all available supplies have already been bought by the United States.

Gilead shares rose 0.6% before market opening on Wednesday and have gained 13.5% this year.