U.S. authorities to buy covid drug from Pfizer for $5.29 billion

U.S. pharmaceutical company Pfizer has signed a $5.29 billion contract with the U.S. government to supply an antiviral drug for COVID-19, Reuters reported.

“This promising type of drug could accelerate our exit from the pandemic by providing another lifesaving option for people with COVID-19,” said U.S. Health and Human Services Secretary Javier Beserra.

If the deal is approved by regulators, Pfizer will begin shipping the drug in late 2021.

Pfizer’s Paxlovid drug comes in tablet form. According to data obtained after Phase 2 trials, the drug reduces the risk of hospitalization or death after infection with COVID-19 by 89% According to the manufacturer, there were no fatalities among trial participants.