The Searle Company Limited (SEARL) has successfully entered into an exclusive licensing and marketing agreement with Beximco Pharmaceuticals, Bangladesh. This was informed by the Searle Company Limited in a notice sent to Pakistan Stock Exchange.
According to the Company's notice, Beximco is the first company in the world to develop and introduce generic Remdesivir for treatment of Covid-19.
Remdesivir is a direct acting antiviral drug that inhibits viral RNA synthesis. Remdesivir is administrated intravenously and is authorized for the treatment of hospitalized patients with severe Covid-19 disease.
Remdesivir has been granted emergency use authorization (EUA) by the US Food and Drug Administration (FDA) and authorities in Japan to treat hospitalized patients with severe COVID-19.
This partnership will provide an immediate supply of the finished product at an affordable price and will help health care providers of Pakistan to treat their hospitalized Covid-19 patients without any delay.
Initially, Searl is planning to import Remdesvir in finished form (ready to use) to meet the country's urgent requirement. Searle is actively taking the matter to the relevant authorities of Pakistan for necessary regulatory approval.
"Searle is confident that in existing pandemic, the relevant authorities will consider the matter on urgent basis to support the product availability on fastest track", the company said. Searle is also planning to donate a sizable quantity to the Government of Pakistan which is actively fighting against this pandemic, it added.
Earlier, Ferozsons Laboratories (FEROZ) through its subsidiary BF Biosciences has successfully concluded non-exclusive license agreement with Gilead Sciences for the manufacturing of the same drug.
The current Covid-19 case count in Pakistan stands at 64,028 with active cases at 40,406 (as of May 28, 2020). WHO expects Covid-19 cases in Pakistan to rise to 200,000 by mid-July 2020. "Key risk to the drug's sales will be the introduction of a Vaccine for COVID-19," Hammad Akram, an analyst at Topline Securities said.
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