(Bloomberg) — Pfizer Inc. clinched an agreement to sell its antiviral medication Paxlovid in China through a state-owned company, making the drug available to battle surging Covid-19 cases.
(Bloomberg) — Pfizer Inc. clinched an agreement to sell its antiviral medication Paxlovid in China through a state-owned company, making the drug available to battle surging Covid-19 cases.
China Meheco Group Co. signed an agreement Wednesday with Pfizer to import and distribute Paxlovid on the mainland, the company said in a filing with the Shanghai Stocks Exchange. The agreement is effective immediately. Terms weren’t disclosed.
With Covid infections surging in Beijing, Paxlovid will help the government contain the outbreak after authorities made an about-face and reversed their strict approach to combating the pandemic.
Read more: China braces for massive Covid outbreak on reopening
The agreement follows China’s surprise decision in February to clear the coronavirus pill for use. The news site Caixin reported on Tuesday that online Chinese pharmacy 111 Inc. had started presale of Paxlovid for 2,980 yuan ($427) per box. The company later said that media interpretation was “inaccurate.”
It’s unclear how quickly Paxlovid will be widely available on the Chinese market. Merck & Co. in September struck a deal with Chinese state-owned drugmaker Sinopharm to import and market its antiviral molnupiravir in the country.
China Meheco said its agreement with Pfizer will expire on Nov. 30, 2023.
–With assistance from Foster Wong.
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