Eli Lily & Co. (LLY) and Incyte Corp. (INCY) said Monday that their rheumatoid arthritis drug Olumiant helped reduce recovery time in hospitalized COVID-19 patients when it was used in combination with Gilead Sciences Inc.'s (GILD) remdesivir. Shares of Lily gained 0.7% in premarket trading on Monday, while Incyte's stock was up 1.4% and shares of Gilead were down 2.1%. The Food and Drug Administration (FDA) earlier this year authorized remdesivir as a treatment for some hospitalized COVID-19 patients, though the drug has not received a full approval at this time. A number of clinical trials are underway that are testing remdesivir in combination with other therapies, including Olumiant. The Phase 3, double-blind, randomized, controlled study testing Olumiant and remdesivir in 1,000 patients was sponsored by the National Institute of Allergy and Infectious Diseases NIAID); it found that adding Olumiant to the dosing regimen shortened recovery times by one day, when compared to prescribing remdesivir on its own. The full data from the trial was not disclosed in the press release. However, Lilly said the NIAID plans to publish the data in a peer-reviewed medical journal. Lilly said it plans to discuss an emergency use authorization (EUA) with the FDA and that it will propose the drug is sold "through commercial channels." (The EUA for remdesivir requires ( ) that the federal government distribute the drug.) Shares of Lilly are up 12.7% so far this year, while Incyte's stock has gained 0.8%. The S&P 500 is up 3.4% for the year.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 14, 2020 07:48 ET (11:48 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.