British pharmaceutical giant AstraZeneca (AZN) - Get Report and the University of Oxford reportedly have teamed up to develop and manufacture a coronavirus vaccine, with the goal of producing as many as 100 million doses by the end of 202, if it's proven to work.
The Financial Times reported the company and the university have struck a deal where AstraZeneca will be responsible for the development and worldwide manufacturing and distribution of the vaccine, known as ChAdOx1 nCov-19.
Currently being developed by Oxford, the vaccine candidate entered phase-one testing last week, the FT reported, with data potentially available as early as next month. If successful, clinical-stage trials would potentially take place by the middle of this year.
The partnership comes amid a global race to not only find a vaccine to prevent Covid-19, but also effective medications to treat it.
U.S. stocks jumped on Wednesday after Gilead Sciences (GILD) - Get Report said positive data emerging from a National Institute of Allergy and Infectious Diseases’ study of its experimental anti-viral drug remdesivir indicated the treatment “met its primary endpoint.”
The U.S .Food and Drug Administration has not yet approved any drugs for the treatment of the coronavirus, though it has signaled its intentions to announce an emergency-use authorization for remdesivir.
Shares of AstraZeneca were up 5.39% at $53.56 in New York trading on Thursday. Shares of Gilead Sciences were down 0.5% at $83.10 after gaining nearly 6% on Wednesday.
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