Shares of Pfizer Inc. (PFE) gained 1.0% in premarket trading on Friday after it announced that it will help manufacture Gilead Sciences Inc.'s (GILD) COVID-19 treatment remdesivir as part of a multi-year agreement. Gilead's stock was up 0.6% on Friday before the market opened. This is a rare manufacturing deal between two of the world's largest drugmakers; "Together, we are more powerful than alone," Pfizer CEO Albert Bourla said in a news release. Remdesivir, which has received an emergency authorization from the Food and Drug Administration as a treatment for severely ill COVID-19 patients, has not been formally approved by the regulator. Since the start of the year, Pfizer's stock is down 2.3%, shares of Gilead have gained 5.9%, and the S&P 500 has rallied 3.6%.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 07, 2020 08:11 ET (12:11 GMT)
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