Gilead gets emergency FDA authorization for remdesivir to treat coronavirus, Trump says
The Food and Drug Administration has granted emergency use authorization for Gilead Sciences‘ remdesivir drug to treat Covid-19, the disease caused by the coronavirus, President Donald Trump announced Friday.
Trump made the announcement in the Oval Office alongside Gilead CEO Daniel O’Day.
“We want to thank the collaborators that brought remdesivir to this point and many of our people that have been part of this, in fact, the caregivers,” O’Day told reporters. Gilead is donating 1.5 million vials of remdesivir.
Gilead shares pared losses on the news, and closed Friday down 4.8% at $79.95. However, the stock was up nearly 2% in extended trading. It has a market value of about $101 billion and has gained 21% since the start of the year.