Novartis To Donate Generic Hydroxychloroquine For Coronavirus
Zacks Investment Research | Mar 22, 2020 10:15PM ET
Novartis AG (NYSE:NVS) announced that it will provide up to 130 million doses of generic hydroxychloroquine to support the treatment of the global COVID-19 pandemic.
The donation comes at a time when countries all over the world are grappling with the spread of this deadly virus.
Notably, hydroxychloroquine and a related drug, chloroquine, are currently being evaluated in studies for the treatment of COVID-19.
The FDA has recently announced that it is working with government agencies and academic centers, which are evaluating the use of chloroquine to treat patients with mild-to-moderate COVID-19 to potentially reduce the duration of symptoms, as well as viral shedding, and help prevent the spread of the disease.
Chloroquine is already approved for treating malaria, lupus and rheumatoid arthritis. Studies are underway to determine the efficacy of using chloroquine to treat COVID-19.
Novartis plans to donate up to 130 million 200 mg doses by the end of May, including its current stock of 50 million 200 mg doses, for use in COVID-19 infected patients, supported by regulatory authorities. Novartis is also looking to ramp up its capacity to increase supply to meet global demand.
Novartis’ generic arm, Sandoz, currently holds only a registration for hydroxychloroquine in the United States. The company said it will pursue appropriate regulatory authorizations from the FDA and the European Medicines Agency.
Novartis’ shares have lost 22.4% in the past year compared with the Original post
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