Gilead’s Remdesivir coronavirus treatment to be available in 127 countries, risk still fragile
Late Tuesday, Gilead Sciences announced that it has reached a deal with five generic drugmakers to make antiviral drug Remdesivir in 127 countries, not including the US, per CNBC.
Additional details
"Drugmakers Mylan, Cipla, Ferozsons Laboratories, Hetero Labs and Jubilant Lifesciences will manufacture Remdesivir for distribution in “low-income and lower-middle-income countries, as well as several upper-middle- and high-income countries” that face health-care obstacles amid the coronavirus pandemic."
"The deal is “royalty-free” until the World Health Organization says the Covid-19 outbreak is no longer a global health crisis or “until a pharmaceutical product other than Remdesivir or a vaccine is approved to treat or prevent Covid-19, whichever is earlier.”
Market reaction
Despite the positive news for the coronavirus cure, the second virus wave fears continue to dominate amid US-China trade tensions, tempering the risk sentiment.
USD/JPY is consolidating the bounce above 107.00 while the AUD/USD pair looks to regain 0.6500. However, the Asian equities and S&P 500 futures trade with moderate losses. The US Treasury yields remain heavy, with the 10-year rates down nearly 5%.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
