European Commission grants conditional clearance to Remdesivir – Reuters

Eren Sengezer FXStreet

The European Commission announced on Friday that it had granted conditional clearance for the use of Gilead Sciences' antiviral Remdesivir in coronavirus treatment, as reported by Reuters.

This decision came after the European Medicines Agency's "rolling review" that started at the end of April.

Earlier in the week, the Commission said it was in negotiations with Gilead to purchase enough doses for the member EU countries.

Meanwhile, "under the authorization, Remdesivir is indicated for the treatment of COVID-19 in adults and adolescents with pneumonia requiring supplemental oxygen," Gilead Sciences said in a statement. "Conditional marketing authorization in Europe for Veklury (Remdesivir) is initially valid for one year."

Market reaction

This headline doesn't seem to be having a significant impact on market sentiment. As of writing, the Euro Stoxx 50 Index was down 0.7% on a daily basis at 3,297 points.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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