|Bid||77.24 x 1200|
|Ask||77.31 x 1100|
|Day's range||75.46 - 78.88|
|52-week range||60.89 - 78.88|
|Beta (5Y monthly)||1.26|
|PE ratio (TTM)||18.06|
|Earnings date||29 Apr 2020 - 03 May 2020|
|Forward dividend & yield||2.72 (3.64%)|
|Ex-dividend date||11 Mar 2020|
|1y target est||75.04|
Europe’s attempts to contain its escalating coronavirus outbreak appeared to be faltering, as Germany became the latest country to warn that it was on the verge of an epidemic.
Gilead Sciences, Inc. (Nasdaq: GILD) today announced the initiation of two Phase 3 clinical studies to evaluate the safety and efficacy of remdesivir in adults diagnosed with COVID-19 (novel coronavirus). These randomized, open-label, multicenter studies will enroll approximately 1,000 patients at medical centers primarily across Asian countries, as well as other countries globally with high numbers of diagnosed cases, beginning in March. The studies will assess two dosing durations of remdesivir, administered intravenously. The initiation of these studies follows the U.S. Food and Drug Administration’s (FDA) rapid review and acceptance of Gilead’s investigational new drug (IND) filing for remdesivir for the treatment of COVID-19.
(Bloomberg) -- The U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home that could lead to significant disruptions of daily life, though the warnings were downplayed by the White House. Congress was told that there’s shortage of masks needed for health workers if one occurs.New cases were reported in Europe, prompting worries of a widening outbreak there. Iran reported a total of 15 deaths, the most fatalities outside China, and a top health official tested positive. Chinese President Xi Jinping said his country was confident of limiting the impact, though new cases continue to be identified elsewhere in Asia.Stocks fell and bonds rose as worries mounted in the market over the virus. Airline stocks were hit particularly hard.Key DevelopmentsChina death toll 2,663, up 71; total mainland cases at 77,658Italy cases rise to 322; Austria reports two infectionsUnited Air abandons profit goal, Mastercard cuts forecastU.S. stocks head for a fourth straight decline; bond yields fallClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Airline Stocks Fall Over Concerns on Travel Impact (4 p.m. NY)U.S. airlines posted the biggest two-day drop since 2016 on worsening fears that the spread of the coronavirus will further stymie travel.American Airlines Group Inc. led the decline, tumbling to the lowest since its 2013 merger with US Airways. President Donald Trump’s administration is considering whether to adopt more restrictions on air travel because of the outbreak, White House economic adviser Larry Kudlow said Tuesday.Read the full story here.Kudlow Urges Calm After CDC Virus Warning (1:40 p.m. NY)White House economic adviser Larry Kudlow called for calm after U.S. health officials said that an outbreak inside the U.S. could cause significant disruptions to daily life if emergency plans were put into place.“I think people should be as calm as possible in assessing this,” Kudlow said at the White House. “Emergency plans don’t necessarily mean they’ll have to be put into place.”There have been fewer than 20 coronavirus cases diagnosed in the U.S., though the Centers for Disease Control and Prevention has said it expects the pathogen to eventually spread locally.“We have contained this, I won’t say airtight, but pretty close to airtight,” Kudlow said. He called it a human tragedy because of the toll in China, but said it was not an economic one.Cases Grow in Italy and Across Europe (1:02 p.m. NY)Italy saw its 10th casualty from the coronavirus outbreak, with 322 confirmed cases nationwide, as the infection began to appear across Europe and threatened to further disrupt tourism and business. Health ministers in Germany, France, Italy and other neighboring countries vowed to keep Europe’s borders open and to improve information-sharing about travelers to and from areas with infections.Spain’s authorities held about 1,000 guests and workers at a seaside hotel on Tenerife, in the Canary Islands, after an Italian tourist there initially tested positive for the virus. Croatia and Switzerland reported their first cases, and Austria confirmed two more. All the patients had links to Italy.CDC Warns Americans to Prepare for Outbreak (12:53 p.m. NY)The Centers for Disease Control and Prevention said Americans should prepare for school closings, cancellations of sporting events, concerts and business meetings if the coronavirus spreads in the U.S.“We expect we will see community spread in this country,” Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, said on a call with reporters Tuesday. “It is not a matter of if, but a question of when, this will exactly happen.”The outbreak is “rapidly evolving and expanding,” she said. “Now is the time” for businesses, schools and hospitals to begin preparing. She said that Americans should prepare for the coronavirus epidemic on our shores and to assume it will be bad.U.S. Is Short on Masks in Case of American Outbreak (11:30 a.m. NY)The U.S. has far fewer protective masks than it would need in the case of a major outbreak of the coronavirus in the country, Health and Human Services Secretary Alex Azar told Congress Tuesday.The U.S. has about 30 million stockpiled N95 masks that can help stop a person from inhaling infective particles, Azar said, but would need as much as 300 million for health workers in an outbreak. U.S. health officials have said they’re preparing for the coronavirus to eventually begin spreading locally.Gilead Drug Being Tested on Evacuees in Nebraska (11:20 a.m. NY)Gilead’s antiviral drug remdesivir will be tested on coronavirus patients at the University of Nebraska Medical Center, which is housing people who were evacuated from a virus-infested cruise ship in Japan, the National Institute of Allergy and Infectious Diseases said.Although remdesivir has been administered to some patients with the virus, “we do not have solid data to indicate it can improve clinical outcomes,” said Anthony S. Fauci, director of the institute, said in a statement.The first trial participant is an American who was repatriated from the Diamond Princess cruise ship that docked in Japan. So far, 11 of the 13 patients who were repatriated from the ship to the Nebraska hospital have been confirmed to have the coronavirus.Remdesivir is also being tested in trials in China and Japan, said U.S. Heath and Human Services Secretary Alex Azar at a Senate hearing Tuesday.Pompeo Criticizes China, Iran Reponse (10 a.m. NY)U.S. Secretary of State Michael Pompeo criticized China and Iran’s response to the coronavirus, saying that suppression of information about the infection may have made the outbreak worse or put other countries on the back foot.“The United States is deeply concerned that the Iranian regime may have suppressed vital details about the outbreak in that country,” Pompeo said at a press conference in Washington. At least 15 people in Iran are dead, authorities there have said, though there are reports of higher numbers and hundreds of potential cases.Pompeo also criticized Chinese authorities, after the government said it would expel three Wall Street Journal reporters. In the province of Hubei, where the outbreak began, some early warnings of a new virus were initially suppressed.“Expelling our journalists exposes once again the government’s issue that led to SARS, and now the coronavirus -- namely censorship. It can have deadly consequences. Had China permitted its own and foreign journalists and medical personnel to speak and investigate freely, Chinese officials and other nations would have been far better prepared to address the challenge.”Senators Say Administration May Request More Virus Funds (9:45 a.m. NY)Several U.S. senators emerging from a classified briefing on Capitol Hill Tuesday said they expected the Trump administration to ask for more money to combat a potential coronavirus outbreak, depending on how the situation plays out in the U.S.Senators were told, “Let’s see how it evolves and then we can put more dollars in,” said Bill Cassidy, a Republican from Louisiana. The administration has requested $2.5 billion -- half new money, half repurposed from other efforts -- from Congress to deal with the virus.U.S. Will Test Experimental Gilead Drug in NIH Trial (8:44 a.m. NY)The U.S. government will oversee an international trial of Gilead Sciences Inc.’s experimental drug remdesivir, which is already being tested in China as a potential treatment for the coronavirus there.The trial is being run by the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health, and seeks to sign up about 400 people in the U.S. and at foreign sites. It’s expected to be completed by April 1, according to information about the trial posted on the ClinicalTrials.gov registry.Drugmakers and governments are working on vaccines and therapies to use against the virus. On Tuesday, the U.S. drug developer Vir Biotechnology Inc. and Shanghai-based WuXi Biologics announced they would work together to find other potential new therapies.China Pledges Cheap Credit, Tax Cuts to Aid Small Firms (7:50 a.m. NY)The People’s Bank of China will offer $71.2 billion of relending and rediscounting funding to commercial lenders for loans to small companies and the agricultural sector, Central China Television reported.Catastrophe Bonds Signal Virus Nearing Pandemic Status (7:49 a.m. NY)The World Health Organization says the coronavirus isn’t yet a global pandemic. Bonds that insure against just such a catastrophe say that it probably is. The bonds, sold in 2017 by the World Bank to raise money for poor countries in a global pandemic, are quoted as much as 40% below their face value following coronavirus outbreaks in countries such as Iran and Italy, according to investors who own the securities.Moderna Rallies on Quick Vaccine Turnaround (7:33 a.m. NY)Moderna Inc., the biotechnology company developing an experimental coronavirus vaccine in collaboration with the U.S. government, said it shipped a first batch of the inoculation to begin human testing. The stock jumped as much as 25%.The experimental vaccine was sent to the U.S. National Institute of Allergy and Infectious Diseases and is to be used in an early stage study to test its safety. It will likely take months of testing to determine whether or not the vaccine can successfully stop infections, and more time to roll it out if it does work.Top Iranian Health Official Tests Positive (7:32 a.m. NY)A top Iranian health official has been diagnosed with coronavirus in another sign the disease may be spiraling out of control in the country. Iraj Harirchi, a deputy health minister who has been the face of the government’s campaign against the virus, said he tested positive for it late Monday, the day he gave a press briefing on efforts to combat the outbreak.Separately, Tehran lawmaker Mahmoud Sadeghi tweeted that he had tested positive. Sadeghi is a prominent reformist who was barred from participating in the latest parliamentary elections.Earlier on Tuesday, Iran reported 34 new cases, with the death toll rising to 15. Bahrain reported nine new cases, while Kuwait has an additional three and Oman another two. So far, there are about 140 confirmed cases in the Middle East, all of them linked to Iran.The U.A.E. has banned travel to all cities in Iran and has already suspended all flights to and from China, except Beijing. Kuwait, which has already stopped flights to Iran, on Monday suspended travel to South Korea, Thailand, Italy and Iraq. Separately, a Turkish Airlines flight from Tehran bound for Istanbul made an unscheduled landing in Ankara, according to Turkey’s Haberturk television.Italy Infections Rise, Austria Reports Two Cases (7:00 a.m. NY)Italy reported 283 cases, up from 229. The death toll was unchanged at seven.Separately, Austria confirmed two cases, APA said. Croatia reported its first case earlier on Tuesday -- a man who recently returned from Milan in Italy has mild symptoms and was hospitalized in Zagreb.Tenerife Hotel in Lockdown (6:25 a.m. NY)An Italian staying on the Spanish island of Tenerife tested positive for the virus and a second test to confirm the case will be carried out in Madrid, the government said. The case would be Spain’s third and the first on the island. Tenerife, the largest of the Canary Islands, attracted more than 5.7 million tourists last year.The tourist, a doctor, had come from Lombardy, a region of northern Italy that is a focus of an outbreak of the virus, Efe news service reported. Spain’s two previously confirmed patients no longer have the infection.About 1,000 guests and hotel workers won’t be able to leave pending definitive results of the test expected later on Tuesday, a person familiar with the situation said.Luxury Sales Could Drop by $44 Billion (6:20 a.m. NY)A survey showed that industry executives expect a severe fallout from the coronavirus. The impact of the outbreak is likely to reduce industry sales by as much as 40 billion euros ($43.5 billion) in 2020, according to the survey of 28 top executives undertaken by Boston Consulting Group and Sanford C. Bernstein. China is a key market for most luxury firms, and signs that the virus has been spreading more widely are causing jitters to increase.Sino Biopharm Drug Included in China Guidelines to Treat Virus (6 a.m. NY)A drug developed by a subsidiary of Sino Biopharmaceutical was put in Chinese government guidelines as a supportive treatment for mild and common cases of coronavirus infection. The drug, Magnesium Isoglycyrrhizinate, has the brand name Tianqingganmei.Singapore to Ban Visitors from Daegu, Cheongdo (6:41 p.m. HK)Singapore will ban all short-term visitors with recent travel history to Cheongdo county and Daegu city, which are central to the coronavirus outbreak in South Korea, effective Feb. 26.Earlier, the U.S. Centers for Disease Control and Prevention warned Americans to avoid all non-essential travel to South Korea. The level 3 warning, the CDC’s highest, matches the caution it previously placed on China. The CDC previously issued lower-level alerts for Italy, Iran and Japan, telling travelers to take extra care and consider postponing non-essential travel.Beijing ‘Getting it Under Control,’ Trump Says (6:29 p.m. HK)President Donald Trump said U.S. markets “took a hit yesterday” because of concerns surrounding the coronavirus, but said Beijing was “getting it under control more and more.”Trump, said he believed things would “work out fine” in the U.S. and that his administration was “spending a tremendous amount of money” to prevent the spread of the disease and assist other countries. He noted the White House had requested $2.5 billion in supplemental funds to fight the virus.Chinese Cities Curb Travel From Other Countries (6:28 p.m. HK)Some Chinese cities have begun to restrict arrivals from overseas, as growing outbreaks elsewhere prompt the country to enact curbs similar to those facing its own travelers. The moves signal that the epidemic’s momentum has shifted outside of China.The coastal city of Weihai said all people arriving from Japan and South Korea would be required to undergo 14-day quarantines in designated hotels. The adjacent city of Yantai said those who’ve entered China for short-term business and tourism visits would be required to stay in selected hotels.China customs is closely monitoring the coronavirus epidemic in other countries.HK Leader’s Approval Rating Plunges (6:16 p.m. HK)Carrie Lam’s approval rating has sunk to a new low of just 9.1% as her government faces criticism over its handling of the coronavirus outbreak. The government has come under fire from some groups for not doing enough to ward off a public health crisis as the number of confirmed virus cases continues to climb. The virus first emerged in central China in December, piling pressure on Lam after months of often-violent demonstrations in Hong Kong.Singapore Eases Rules for Chinese Workers in More Sectors (6 p.m. HK)Singapore will loosen restrictions on Chinese work-permit holders in the country to help businesses in manufacturing and services industries that have been hit by labor disruptions during the coronavirus outbreak.For six months beginning March 2, the Ministry of Manpower will allow companies in those sectors to hire Chinese workers who are already in the country, with the agreement of their existing employers. Currently, businesses can only hire Chinese work-permit holders once they have left Singapore.Thailand’s Tourism Income Tumbled in January (5:55 p.m. HK)A slump in Thailand’s foreign tourism income underlines the damage being inflicted on its economy. Receipts tumbled 3.6% in January from a year earlier to $6 billion), dragged down by a 10% slide in outlays by Chinese visitors.HK Exports Slid Most in Decade in Jan. Ahead of Virus (5:26 p.m. HK)Hong Kong’s exports plummeted the most in more than a decade in January, as the government warned of further weakness in the coming months with the full force of disruptions from the coronavirus outbreak still ahead. Exports sank 22.7% in January from year-ago levels to HK$269.4 billion ($34.6 billion), the most since February 2009.European Corporate Bond Market in Deep Freeze (4:50 p.m. HK)Global borrowers shunned Europe’s corporate debt market for a second day as a cluster of new coronavirus cases in Italy sent yields sharply higher, bringing sales of new bonds to a near standstill.ING Groep’s downsized debt offering is the only deal priced so far this week, which had been expected to deliver more than 20 billion euros ($22 billion) of sales, according to a Bloomberg News survey. Non-financial borrowers are nowhere to be seen, with Spain the only sovereign issuer braving the market so far on Tuesday.Gilead’s Drug Leads Global Race for Treatment (3:40 p.m. H.K.)China will release results on April 27 of a clinical trial of Gilead Sciences’s remdesivir drug that the World Health Organization said may be the only effective treatment so far for the disease. The trials of the experimental medication involved 761 patients in Wuhan, the city where the virus originated.\--With assistance from Yasna Haghdoost, Daniel Flatley, Bill Faries, Nick Wadhams and Robert Langreth.To contact Bloomberg News staff for this story: Adveith Nair in London at firstname.lastname@example.org;Drew Armstrong in New York at email@example.comTo contact the editors responsible for this story: Stuart Wallace at firstname.lastname@example.org, Adveith Nair, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Gilead Sciences Inc. shares gained Monday after a senior World Health Organization official said the company’s experimental drug may be the best bet to find a treatment for the new coronavirus spreading around the globe.Gilead’s compound, remdesivir, has been rushed into a clinical trial in China, where the illness has infected tens of thousands of people. WHO officials have said results could be available within weeks.Remdesivir is the “one drug right now that we think may have efficacy,” Bruce Aylward, an assistant director-general at the World Health Organization, said at a briefing in Beijing. WHO officials and international scientists are in the country assessing the outbreak.Gilead shares rose 4.6% to $72.90 on Monday, the highest closing level since October 2018. Spokeswoman Sonia Choi said Gilead is anticipating results from two trials in China in April.A leap in Gilead shares this month has added more than $12 billion to the company’s market value, a figure that far outstrips the sales gains the company is likely to reap from the drug, according to some projections.Analysts at Bank of America expect remdesivir to result in one-time revenue of about $2.5 billion, at most. Analyst Geoff Meacham said “remdesivir offers little lasting, meaningful” upside to Gilead’s bottom line given the economics of addressing epidemics or pandemics.Outbreaks of new or rare infectious diseases can prompt a rush of efforts to find effective therapies, with trials often conducted in sometimes-chaotic field conditions. But not all work -- many of the drugs tested against Ebola during outbreaks over the past decade failed, despite initial hopes they could save some patients from that deadly virus.(Updates with closing stock-price information in fourth paragraph. An earlier version of this article corrected that remdesivir is not a vaccince candidate in the fifth paragraph.)To contact the reporters on this story: Drew Armstrong in New York at email@example.com;Bailey Lipschultz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Drew Armstrong at email@example.com, Timothy AnnettFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The World Health Organization (WHO) on Monday downplayed the prospects of the coronavirus outbreak becoming a worldwide pandemic amid a markets plunge.
(Bloomberg) -- The coronavirus outbreak spread further outside China, sparking concerns about a pandemic. Italy reported at least six deaths, and the country’s financial hub is in virtual lockdown.While the head of the World Health Organization called the new cases “deeply concerning,” he said the outbreak isn’t yet a global pandemic.Infections spiked again in South Korea and Iran, while Afghanistan, Bahrain and Kuwait all reported their first cases. That dented markets globally -- European equities fell the most since June 2016 and the yield on 10-year Treasuries dropped to the lowest since that year. U.S. stocks plunged the most since August.The WHO said China’s unprecedented lockdown may have averted hundreds of thousands of cases. The United Nations agency also said that Gilead Sciences Inc.’s experimental drug that is being tested for coronavirus may be the only one that will work.Key DevelopmentsWorldwide death toll 2,624; total cases 79,440Italy reports more than 200 cases. At least six deathsAfghanistan, Bahrain, Kuwait confirm first cases; At least 12 dead in IranWuhan retracts statement on quarantine easing measureXi’s response to virus foreshadows an even tighter grip on ChinaClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.U.S. Cases Now at 53, CDC Says (2:30 p.m. NY)There are now 53 people in the U.S. with the novel coronavirus, the Centers for Disease Control and Prevention said MondayThe American cases include 12 people who tested positive for the condition known as Covid-19 after traveling to areas where the virus is spreading widely. Additionally, two spouses of people in that group contracted it from direct human-to-human transmission.Three others were diagnosed after being repatriated from Wuhan, China, the outbreak’s epicenter, on State Department flights, while 36 had previously been aboard the contaminated Diamond Princess cruise ship.Games in Japan, South Korea Postponed (11:35 a.m. NY)The Professional Women’s Hockey Players Association postponed a three-game series in Japan as a result of the virus. A collection of North American players was scheduled to spend a week in Japan and play three exhibitions against the Japanese national team in Tokyo. The teams are hoping to reschedule for later this year or early next year.Elsewhere, the Overwatch League, a competitive video-gaming circuit operated by Activision Blizzard Inc. canceled three weeks of matches in South Korea, including home games for its Seoul Dynasty franchise. The league said the events will be rescheduled, and possibly relocated, for a different date.French Phone Carrier Gets Warning on Supply (10:48 a.m.)Mobile-phone manufacturers warned a carrier in France that deliveries to its stores could be disrupted by supply-chain problems linked to the coronavirus, according to a person familiar with the situation who declined to be identified because the matter is confidential.Another French operator is already experiencing delayed deliveries and may soon run out of some smartphone models, said a second person familiar with the matter.Virus Not Yet a Pandemic, WHO Chief Says (10:25 a.m. NY)The increase in the number of cases in Italy, Iran and South Korea is “deeply concerning,” the head of the World Health Organization said at a press briefing in Geneva.Countries need to do everything they can to prepare for a potential pandemic, Director-General Tedros Adhanom Ghebreyesus said. The disease hasn’t reached that stage, which is defined by an uncontrollable geographical spread.Outbreak Could Reach Germany, Health Minister Says (9:35 a.m. NY)The coronavirus outbreak in northern Italy shows that the virus “can also spread in Germany,” German Health Minister Jens Spahn said in Berlin.While the virus may become a global pandemic, Germany is very well-prepared because its health system is one of the best in the world, Spahn said.White House’s Philipson Says Virus ‘Real Threat’ (9:35 a.m. NY)The Trump administration’s top economist called the coronavirus a “real threat” this year, but said it’s too early to tell how seriously it will affect the U.S. economy.Tomas Philipson, the acting director of the Council of Economic Advisers, said that at the moment seasonal flu has a greater impact in the U.S. He said the White House will continue to monitor the outbreak.Austria Ready for Immediate Border Closures If Needed (8:30 a.m. NY)Austria is tightening cooperation with neighboring countries and is ready for immediate border closures if needed, Chancellor Sebastian Kurz told journalists in Vienna Monday. He cited the temporary stop of the train traffic via the Brenner pass late Sunday as an example. The administration is also preparing to be able to roll out fever checks like those currently done at Vienna airport if needed.Health ministers from Italy and neighboring countries will meet in Rome Tuesday to coordinate their actions, health minister Rudolf Anschober said.WHO Says Gilead’s Remdesivir May Be Only Drug for Virus (8 a.m. NY)Gilead’s experimental drug may be the best bet to find a treatment for the new coronavirus, Bruce Aylward, an assistant director-general at the World Health Organization, said at a briefing in Beijing.Gilead’s compound, remdesivir, has been rushed into a clinical trial in China. WHO officials have said results could be available within weeks.WHO Says China Lockdown Blunted New Epidemic (7:36 a.m. NY)China’s unprecedented lockdown and restrictions may have blunted the coronavirus’s spread and averted hundreds of thousands of cases, according to a team of medical experts that visited the outbreak’s epicenter last week. Fewer patients are crowding hospitals in Wuhan and are consulting doctors for fevers, Bruce Aylward, an assistant director-general at the World Health Organization, said in Beijing.But the outbreak could gain ground again as schools reopen and work resumes, Aylward warned. More broadly, he called for China’s experience in turning around the outbreak to help battle the virus elsewhere.Hong Kong Issues ‘Red’ Travel Alert on South Korea (7:36 a.m. NY)Hong Kong urged public planning to travel to South Korea to adjust their travel plans and avoid non-essential travel, according to a statement on Monday. It will stop non-residents from entering from South Korea starting Tuesday, local broadcaster Now TV said.Buffett Says Virus Shouldn’t Affect Investment Views (7:14 a.m. NY)Berkshire Hathaway Inc CEO Warren Buffett said he thinks the coronavirus won’t die off with warmer weather. “It is scary stuff -- I don’t think it should affect what you do in stocks. In terms of the human race, it is scary,” he said.Traders Supercharge Global Rate-Cut Bets (7:13 a.m. NY)The global economic disruption caused by the coronavirus has prompted traders to load up on bets that central banks will have to ride to the rescue. They’re pricing in a total of 205 basis points of interest-rate cuts from seven major central banks by the end of the year, up three fold from the end of 2019, according to calculations based on Bloomberg’s World Interest Rate Probability.China to Keep Monetary Policy Flexible, Mull New Moves (7 a.m. NY)China’s central bank said it will place more emphasis on keeping monetary policy flexible as it steps up support to the real economy, according to a statement on its website. The People’s Bank of China said also it will consider new measures at the proper time to counter the impact from the coronavirus outbreak.U.S. Drugmakers Working on Coronavirus Surge (6:33 a.m. NY)U.S. drug developers Novavax and Inovio, as well as diagnostic test maker Co-Diagnostics, rose in pre-market trading as the coronavirus continues to spread outside of China.Italy Has More Than 200 Virus Cases, Six Deaths (6:22 a.m. NY)There are more than 200 confirmed coronavirus cases in Italy. Six patients have died, according to Ansa. One has been declared free from infection.Italy is grappling with Europe’s largest coronavirus outbreak. Milan, the country’s financial hub, and the productive regions of Lombardy and Veneto are in virtual lockdown. The government has imposed sweeping measures limiting travel to and from affected areas.Italian Passengers Stuck on Plane, Coach Blocked (6:18 a.m. NY)Italy’s Foreign Ministry said it is monitoring the situation of an Alitalia flight that is being held at Mauritius airport. The Alitalia flight departed from Fiumicino Sunday evening. Some passengers coming from the northern Italian regions of Lombardy and Veneto, where an outbreak is under way, have been prevented from disembarking.Separately, a coach coming from northern Italy has been blocked at Lyon’s Perrache station in southeast France because of a suspected case of coronavirus, regional newspaper Le Progres reported.European Stocks Tumble Most Since 2016 (5:57 p.m. HK)The Stoxx Europe 600 Index fell as much as 3.6%, the most since June 2016, led by the auto, mining and travel sectors. Luxury companies tumbled on fears that the epidemic will hurt sales.EU Won’t Restrict Schengen Travel Yet (5:30 pm. HK)The European Union has no plans yet for blanket restrictions in its free-travel rules in the so-called Schengen area following the surge in cases in Italy. The bloc called the Italian response was swift and effective, despite ever louder criticism at home and abroad.EU health commissioner Stella Kyriakides has asked the European Center for Disease Prevention and Control to update their risk assessment to take into consideration the situation in Italy. A joint WHO-ECDC expert mission will be sent to Italy on Tuesday to assess the situation.Europe Debt Risk Jumps Most Since March 2018 (4:47 p.m. HK)The Markit iTraxx Europe Crossover index of credit-default swaps on high-yield companies rose 14.5bps to about 234bps, the most since March 2018.China Bans Wildlife Trading and Consumption (4:47 p.m. HK)China’s top legislature imposed a total ban on trade and consumption of wild animals, according to state-run China Central Television, a move that aims to curb activities that scientists say may have caused the deadly coronavirus to jump from animals to humans.China Postpones Annual Legislative Meetings (4:23 p.m. HK)Top legislature decided to delay the annual meetings, which were originally scheduled to start early March, state-run China Central Television said. New dates will be announced later. The legislative meeting is one of the most important political meetings held every year in Beijing, at which officials will discuss China’s major economic targets including for GDP growth, inflation and announce the country’s budget plan. It’s the first time in decades that the NPC has been postponed.Italy Studies Tax Relief, Financial Support (4:23 p.m. HK)The government is studying emergency measures to support companies and families affected by the outbreak in the country’s northern regions. Possible steps include suspending local tax payments and delaying mortgage payments, according to a draft decree seen by Bloomberg.Italy was already on the brink of recession after an 0.3 percentage point contraction in the fourth quarter. Bond yields spiked and equities slumped after the country emerged as Europe’s most-affected nation, with over 200 cases reported.Wuhan to Keep Quarantine Measures (3:10 p.m. HK)The local government in Wuhan said it would keep quarantine measures, walking back an earlier statement that said people who weren’t currently residents of the city would be allowed to leave from Monday for reasons including medical need. It said the earlier statement was ineffective.The statement had said those leaving should be healthy, with no symptoms of fever, cough or asthma. It added that Wuhan residents and their vehicles were now allowed to enter the city after procedures including identity and health checks.Hours after the statement was released, it was deleted off state media and the local government’s Weibo account and replaced with a statement saying top officials had not approved the easing.China has in recent weeks locked down some 50 million people in more than a dozen cities to try and stop the virus, which originated in Wuhan, the capital of Hubei province.Kuwait, Bahrain Confirm First Cases (2:21 p.m. HK)The virus continued its spread in the Middle East, with Kuwait reporting three cases and Bahrain one, according to their respective state-run news agencies. The infections in Kuwait were linked to people returning from the Muslim pilgrim site of Mashhad, in Iran.Iran has eight deaths so far, giving it the highest number of coronavirus cases in the region. Other neighboring countries that have reported cases of the virus are the United Arab Emirates, Lebanon, Egypt and Israel.Austria Eases Halt on Trains from Italy (2:20 p.m. HK)Austria lifted the temporary ban on train traffic from Italy via the Brenner pass overnight. The two suspect cases on board the Venice-Munich train that had triggered the halt were tested negative for the coronavirus, Austrian Interior Minister Karl Nehammer said on public radio Oe1.Another Chinese Province Lowers Emergency Level (11:33 a.m. HK)State-run CCTV said Guangdong -- which has the most confirmed infections after Hubei -- has become the latest Chinese province to lower its coronavirus emergency response level from its highest.Gansu, Liaoning, Guizhou, Shanxi and Yunnan also have, the state-run People’s Daily reported earlier, citing local governments. Shanxi’s was lowered to its second-highest, and the other four to the third-highest levels, the newspaper said.South Korea Widens Virus Screening (11:05 a.m. HK)With the country at the highest alert level in nearly a decade, South Korea will expand coronavirus screening to all residents of the city of Daegu who show symptoms of the infection, and ship 1,000 hospital beds to the region, a health ministry official said at a briefing.The additional beds are being expedited as health officials said they had identified 37,000 people in the city with symptoms of the virus. The moves came a day after President Moon Jae-in raised the alert level in South Korea to its highest.By elevating the alert level, the government can restrict air travel, allocate additional resources to public and private hospitals and impose stricter measures on foreigners entering the country. South Korea on Sunday postponed the resumption of schools, which were scheduled to reopen next Monday after a winter break and restricted military personnel from leaving their base or facility.When the last alert level was raised to “red” in 2009, the number of H1N1 cases in South Korea doubled to almost 9,000 in a week’s time, with about 40 deaths attributed to the influenza during the same period.Separately, South Korea’s Centers for Disease Control and Prevention informed United States Forces Korea that a USFK dependent living in Daegu had tested positive.\--With assistance from Jason Gale, Dominic Lau, Shinhye Kang, Cindy Wang, Peter Pae, Claire Che, Lulu Shen, Boris Groendahl, Bhuma Shrivastava, Lyubov Pronina, Sharon Chen, Thomas Mulier, Dylan Griffiths, Angelina Rascouet, Eben Novy-Williams and Michelle Fay Cortez.To contact Bloomberg News staff for this story: Karen Leigh in Hong Kong at firstname.lastname@example.org;Ian Fisher in New York at email@example.comTo contact the editors responsible for this story: Adveith Nair at firstname.lastname@example.org, Mark Schoifet, Timothy AnnettFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Gilead Sciences, Inc...
Gilead Sciences, Inc. (Nasdaq: GILD) announced today that Michael Quigley, PhD has joined the company as Senior Vice President, Research Biology, bringing to the role deep experience in oncology and immuno-oncology biology.
Gilead Sciences, Inc. (Nasdaq: GILD) today announced that Johanna Mercier, Chief Commercial Officer, and Merdad Parsey, MD, PhD, Chief Medical Officer, will participate in a fireside chat at the Cowen and Company 40th Annual Health Care Conference in Boston on Monday, March 2 at 12:00 p.m. Eastern Time.
(Bloomberg) -- Warm weather may not slow down the spread of the coronavirus, said a top U.S. health official, counter to a theory put forward by President Donald Trump. U.S. disease experts are still waiting to hear whether they’ll be allowed by China to go to the outbreak’s front lines.Mobile World Congress, the premier mobile-industry conference, was canceled by its organizers over concerns about the spread of the deadly pathogen. In China, President Xi Jinping said the country would meet its economic goals while battling the coronavirus that has now claimed 1,115 lives. U.S. Federal Reserve Chairman Jerome Powell said it would take time to measure the impact of the outbreak.Bloomberg is tracking the outbreak on the terminal and online.Key DevelopmentsChina death toll at 1,113; confirmed China cases at 44,653See a breakdown of virus cases hereVirus-hit firm tells staff: Welcome back, wash your handsJapan reports 39 more cases aboard cruise shipEurope to Step Up Crisis Preparations (3:47 p.m. NY)The European Union is preparing for potential medical shortages and the risk of travel restrictions that could disrupt the bloc’s border-free zone.During an emergency meeting scheduled in Brussels on Thursday, EU health ministers plan to ask the bloc’s executive arm to assess the consequences of global health threats like the coronavirus on the availability of medicine and the security of supply chains, according to a draft of a joint communique seen by Bloomberg. The draft is still subject to changes.The document acknowledges that “measures regarding travel” could be necessary if the situation deteriorates, while ministers will vow to protect the “free movement” of people -- a key pillar of EU integration -- in such case.Similar temporary measures have been applied in the past to limit the flow of asylum seekers from poorer to richer EU members.Mnuchin: More Data Needed to Assess Impact (3:17 p.m. NY)U.S. Treasury Secretary Steven Mnuchin said Wednesday that two to four more weeks of economic data are needed to forecast the impact of coronavirus.Mnuchin also told a Senate Finance Committee hearing that implementation of the first phase of a U.S. trade deal with China is being slowed by the virus. On Tuesday, White House National Security Advisor Robert O’Brien said agricultural purchases under the deal may not be as large as the Trump administration had hoped due to coronavirus.China Keeps U.S. Experts Waiting (2:39 p.m. NY)Top U.S. health experts seeking to join an international group heading to the center of the coronavirus outbreak in China said they still have no answer on whether they’ll be allowed into the country.U.S. officials have said they’ve offered for weeks to send front-line disease experts to China to study the outbreak, which originated in the city of Wuhan, and consult with colleagues there on how to stop it.“We haven’t been invited yet,” Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, told reporters Wednesday.Read the full story here.Mobile World Congress Is Canceled (1:45 p.m. NY)Mobile World Congress, the premier mobile-industry conference scheduled this month in Spain, was canceled over concerns about the spread of the coronavirus.“With due regard to the safe and healthy environment in Barcelona and the host country today, the GSMA has canceled MWC Barcelona 2020 because the global concern regarding the coronavirus outbreak, travel concern and other circumstances, make it impossible for the GSMA to hold the event” John Hoffman, the chief executive officer of conference organizer GSMA Ltd., said in a statement to Bloomberg News.Intel Corp., MediaTek Inc., AT&T Inc., Cisco Systems Inc. and Sprint Corp. joined Ericsson AB, Sony Corp. and others earlier this week in canceling plans to attend MWC Barcelona later this month.CDC Says Warm Weather May Not Slow Outbreak (1:06 p.m. NY)It’s too early to know if warm spring weather that typically heralds the end of cold and flu season will also slow the coronavirus, said a top official from the U.S. Centers for Disease Control and Prevention.Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, said Wednesday that she hopes “it will go down as the weather warms up, but it’s premature to assume that.”Messonnier’s remarks Wednesday run counter to a theory put forward by President Donald Trump that heat would stop the new coronavirus.“The heat, generally speaking, kills this kind of virus,” Trump said Monday at the White House. “A lot of people think that goes away in April as the heat comes in.” At a campaign rally this week, he went further, according to a CNN report on his remarks, saying, “in theory when it gets a little warmer it miraculously goes away.”During a call with reporters Wednesday Messonnier said, “I would caution against over-interpreting that hypothesis.”The theory that the coronavirus will slow down when warm weather sets in is mostly based on the fact that other respiratory viruses such as influenza exhibit seasonal patterns, not specific data about this new virus, she said.More from the CDC press briefing:CDC officials haven’t yet been allowed into China or been given direct access to raw data on the epidemic.Some states conducting tests using CDC coronavirus test kits are getting inconclusive results. The CDC said it was working to resolve the problem.CDC is optimistic that lower case counts coming from China in the last few days mean that the country’s quarantine is working, but that it’s “too soon to say that for sure,” Messonnier said.Fed Chair Says Too Early to Know Virus Impact (11:15 a.m. NY)Federal Reserve Chairman Jerome Powell said it will take time to see the impact of the coronavirus outbreak on the U.S. economy.“It’s too uncertain to even speculate” Powell told the Senate Banking Committee on Wednesday. “We’ll be looking at the economic data.”Carnival Sees Material Impact on Results (9:28 a.m. NY)Carnival Corp. said it foresees a slowdown in global bookings and an increase in canceled voyages that will will have a material impact on financial results that wasn’t anticipated because of the coronavirus oubreak.“As a result of coronavirus, the company believes the impact on its global bookings and canceled voyages will have a material impact on its financial results which was not anticipated in the company’s previous 2020 earnings guidance,” the Miami-based cruise ship operator said in a statement Wednesday.The company said it was unable to determine the full financial impact on the current fiscal year.Read the full story hereMobile Conference Organizer Seeks Advice (8:10 a.m. NY)The organizer of MWC Barcelona, the wireless industry’s top annual event, said it has implemented additional health measures and will continue to seek medical advice as it monitors the situation. “This includes regularly meeting with global and Spanish health experts as well as our partners to ensure the wellbeing of attendees,” the GSMA said in a statement.The event is threatened by the withdrawal of some of the biggest telecom companies. The organizer could announce its cancellation as early as Wednesday, people familiar with the matter said earlier. MWC is due to run from Feb. 24 to Feb. 27, drawing around 100,000 people.Germany Faces Recession Risk, Deutsche Bank Says (7:45 a.m. NY)Germany could be on the verge of recession as the coronavirus outbreak exacerbates the nation’s industrial slump, according to Deutsche Bank.The lender now expects a slight contraction in the fourth quarter, and it cast doubt on the prospect of any rebound at the start of 2020. German GDP figures are due to be published on Friday.Chinese Grand Prix Postponed (7:17 a.m. NY)The 2020 Chinese Grand Prix, scheduled for April 17-19, has been postponed as a result of the novel coronavirus outbreak, organizers confirmed.Formula 1 and the FIA will study potential alternative dates later in the year.OPEC Slashes Oil Demand Forecast (7:05 a.m. NY)OPEC cut forecasts for global oil demand as the coronavirus hits fuel use in China, leaving the group facing a renewed glut despite its recent production cuts.The cartel reduced projections for demand growth in the first quarter by 440,000 barrels a day, or about a third, in its monthly report.Cruise Ship Heads to Cambodia (6:50 a.m. NY)The Westerdam luxury cruise liner is now sailing to Sihanoukville, Cambodia. It is due to arrive Feb. 13 and will remain in port for several days. Guests will be able to go ashore.Earlier, Thailand said it would consider helping any sick person aboard but stood by its decision to bar entry, as the ordeal continued for the 2,257 passengers and crew looking to disembark.The Westerdam, which is facing the risk of running low on food, has also been refused entry by Taiwan, Japan, the Philippines and Guam. Carnival Corp.’s Holland America Line, the operator of the ship, has said there’s no reason to believe there are any coronavirus cases on board.Hong Kong Sevens to Be Postponed, TVB Says (6:21 a.m. NY)The Hong Kong Sevens, an annual international rugby tournament that has been running since 1976, is set to be postponed, local broadcaster TVB reported. It was set to start in April.A formal announcement will be made this week.JLR to Extend Shutdown of China Manufacturing: ET (6:20a.m. NY)Tata Motors Ltd.‘s Jaguar Land Rover unit has told its vendor network that the shutdown of its manufacturing operations in China would be extended till Feb. 17, the Economic Times reported.UOB Allocates S$3 Billion in Liquidity Relief (6:58 p.m. HK)United Overseas Bank has allocated S$3 billion ($2.2 billion) of “relief assistance” to Singapore companies aimed at addressing near-term liquidity as the coronavirus impacts economic activity.The bank is offering financing liquidity against mortgages, and will extend working capital financing of as much as S$5 million for as long as one year.ECB’s Lane Sees ‘Pretty Serious’ Short-Term Hit (6:42 p.m. HK)European Central Bank Chief Economist Philip Lane warned that the outbreak could have a “pretty serious short-term hit” to the economy as spending plans are postponed or canceled. He also foresees a bounceback though, with the full-year impact “relatively minor.”It’s a tricky time for the euro zone. Figures on Wednesday showed industrial output slumped the most in almost four years in December, and a January recovery now looks in doubt.Hong Kong Landlords Start to Slash Retail Rents (5:53 p.m. HK)Sun Hung Kai Properties Ltd., the city’s largest developer by market value, will reduce rents for February by 30% to as much as 50% for some of its mall tenants to help them ride out the impact from the virus. Wharf Real Estate Investment Co. announced a similar move for its Harbour City shopping center, Apple Daily reported.Hong Kong’s usually booming property market has virtually ground to a halt. Just 13 homes were sold in the first three weekends after Chinese New Year at the city’s 10 largest housing estates, according to Centaline Property Agency Ltd. data.China’s Battery Storage Capacity Could Drop (5:13 p.m.)China’s battery storage production capacity may fall by as much as 10% to 237 gigawatt-hour this year compared with a pre-coronavirus forecast, Wood Mackenzie said in a note. Tight battery cell supply could slow down the cost decline of EV manufacturing and energy storage systems.China Should Target Bigger Fiscal Deficit: Ex-Official (4:48 p.m. HK)The country’s fiscal deficit should exceed usual 3% of GDP this year to help curb impact of the coronavirus outbreak on the economy, according to an article by Huang Qifan, a former legislator and official.BMW to Reopen Chinese Factories Next Week (4:33 p.m. HK)BMW plans to reopen its Chinese factories on Feb. 17. The carmaker said it was too early to know full effect of the virus.Taiwan Cuts 2020 GDP Forecast (4:28 p.m. HK)Taiwan lowered its estimate for full-year growth and officials said the coronavirus outbreak was set to diminish global trade this year. Gross domestic product will likely expand 2.37% this year, the statistics bureau said, compared to a previous government forecast of 2.72%.Separately, Sweden’s Riksbank said the coronavirus would likely reduce global growth in the short term, but it was difficult to fully assess the economic consequences.DBS Evacuates 300 Employees in Singapore (2:25 p.m. HK)DBS Group Holdings Ltd. evacuated 300 employees from an office floor in the heart of Singapore’s financial district after one of its workers tested positive for the coronavirus.Southeast Asia’s biggest bank has told the staff members on Level 43 at Marina Bay Financial Centre Tower 3 to work from home for the time being, the company said in a statement. The number of evacuees was given in a memo seen by Bloomberg earlier and confirmed by the bank.The coronavirus had already been detected in Singapore’s financial district earlier this week, prompting some companies to send workers home and temperature screening checkpoints to be set up at the entrances of several towers. A worker at an unnamed firm in Marina Bay Financial Centre Tower 1 was confirmed as being infected with the virus over the weekend.Singapore last week raised its disease response level to the same grade used during the SARS epidemic, as it braced for what Prime Minister Lee Hsien Loong said was a “major test for our nation.” Singapore has at least 47 confirmed cases of coronavirus.Early Virus Data Existed Weeks Before Public Release (11:32 a.m. HK)Preliminary genetic sequence data indicating the presence of a SARS-like virus in central China were known about two weeks before key information was publicly released, scientists said.In a commentary piece published Tuesday in the Lancet medical journal, scientists, including members of the World Health Organization’s emergency committee, said insufficient attention was paid to information doctors had gathered about the genetic sequence of the novel coronavirus.Chinese Company Says It Can Make Gilead’s Virus Drug (11:18 a.m. HK)A Chinese drugmaker said it has started mass-producing an experimental drug from Gilead Sciences Inc. that has the potential to fight the novel coronavirus, as China accelerates its effort to find a treatment for the widening outbreak.Suzhou-based BrightGene Bio-Medical Technology Co. said it has developed the technology to synthesize the active pharmaceutical ingredients of remdesivir, Gilead’s drug that is a leading candidate to treat the highly-infectious virus that’s killed more than 1,000 people. The drug isn’t licensed or approved anywhere in the world yet.While BrightGene said that it intends to license the drug from Gilead, its move to start manufacturing at this early stage is highly unusual and a potential infringement of the American company’s intellectual property. It comes a week after Chinese researchers filed an application to patent the drug to treat the new coronavirus.Singapore Not Ruling Out More Stringent Measures (10:50 a.m. HK)Singapore is not ruling out more stringent measures to tackle the coronavirus outbreak if the situation worsens, according to Minister for National Development Lawrence Wong.Singapore is preparing a strong package in the upcoming budget to help companies and individuals manage the economic impacts of the virus, Wong said in a Bloomberg TV interview. Singapore can implement additional measures to contain the spread of the virus without raising the national response level to red, he said.China Death Toll Rises to 1,113 (10:08 a.m. HK)China said the death toll from the coronavirus outbreak rose to 1,113 as of Feb. 11, with 97 additional fatalities reported. Some 1,068 of those deaths have occurred in Hubei, the province at the center of the coronavirus outbreak.Confirmed cases of the disease in mainland China rose to 44,653, according to a statement from the National Health Commission.Hubei reported 1,638 additional cases, the lowest daily level this month. That’s an encouraging sign for health experts looking for when the outbreak peaks. Also, the number of suspected cases as of Feb. 11 was 16,067, down from 21,675 the previous day.Two deaths have been reported outside mainland China, one in Hong Kong and the other in the Philippines.China Supports Merger of Airlines Amid Outbreak (10:01 a.m. HK)China’s Civil Aviation Administration said it will support the restructuring of airlines to ease the impact from the coronavirus outbreak. The administration will also work with the Ministry of Foreign Affairs in urging some countries to continue international flights with China.The coronavirus outbreak has disrupted flights to and from China, one of the world’s busiest travel markets, as airlines around the globe halt service.Xi Vows China Will Meet Economic Goals, Defeat Virus (9:10 a.m. HK)President Xi Jinping vowed that China would meet its economic and social development goals while winning the battle against the deadly coronavirus.“We have the ability and confidence not only to defeat the epidemic, but also to accomplish the set goals and tasks for economic and social development,” he told Indonesian leader Joko Widodo in a phone call Tuesday, according to the official Xinhua news agency. “I believe China will be more prosperous after overcoming this epidemic.”China Ag Purchases May Be Less Than Hoped: Official (8:42 a.m. HK)China’s agricultural purchases from the U.S. under the first phase of a trade deal may not be as large as the Trump administration had hoped due to the coronavirus, said White House National Security Advisor Robert O’Brien.“It could have an impact on how big, at least in this current year, the purchases are,” O’Brien said at an Atlantic Council event Tuesday in Washington. He also said American doctors are still not being let into China to deal with the outbreak.Japan Reports 39 More Cases Aboard Cruise Ship (7:54 a.m. HK)Japan’s Health Ministry confirmed an additional 39 cases of the novel coronavirus on a cruise ship in Yokohama, bringing the total number of infections from the quarantined vessel to 174.Defense Minister Taro Kono tweeted that a quarantine officer from the health ministry also tested positive for the virus. Carnival Corp.’s Diamond Princess cruise ship has become the biggest center of infection of any place outside of China.U.S. Raises Travel Advisory for Hong Kong (3:20 p.m. NY)The U.S. State Department raised its travel advisory for Hong Kong to level 2, which means travelers should exercise increased caution.“The Hong Kong government has reported cases of the novel coronavirus in its special administrative region, has upgraded its response level to emergency, its highest response level, and is taking other steps to manage the novel coronavirus outbreak,” the department said.Last month, the U.S. raised the advisory for mainland China to level 4, the highest designation, which means do not travel.\--With assistance from K. Oanh Ha, Li Liu, Josh Wingrove, Emi Nobuhiro, Michael Heath, Karen Leigh, Dong Lyu, James Mayger, Sam Kim, Jon Herskovitz, Chanyaporn Chanjaroen, Paul Gordon, Morwenna Coniam, Kati Pohjanpalo, John Martens, Timothy Annett, Nate Lanxon, Saleha Mohsin and Nikos Chrysoloras.To contact Bloomberg News staff for this story: Michelle Fay Cortez in Minneapolis at email@example.com;Isabel Reynolds in Tokyo at firstname.lastname@example.org;Jason Gale in Melbourne at email@example.com;Robert Langreth in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Drew Armstrong at email@example.com, ;Rachel Chang at firstname.lastname@example.org, ;Adveith Nair at email@example.com, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- A Chinese drugmaker said it has started mass-producing an experimental treatment from Gilead Sciences Inc. that has shown potential to fight the novel coronavirus, adding to concerns that the U.S. pharma company is losing patent control in China’s accelerating effort to fight the outbreak.Suzhou-based BrightGene Bio-Medical Technology Co. said it has developed technology to synthesize the active pharmaceutical ingredients of Gilead’s remdesivir. A leading candidate to treat the virus that’s killed more than 1,000 people, the drug isn’t licensed or approved anywhere in the world. BrightGene rose 20% Wednesday in Shanghai.China Wants to Patent Gilead’s Experimental Coronavirus Drug (3)While BrightGene said it intends to license the drug from Gilead, its move to start manufacturing at this early stage is highly unusual and a potential challenge to the U.S. company’s intellectual property. Last week, Chinese researchers at the Wuhan Institute of Virology filed an application in China to patent the drug, which was developed for Ebola, to treat the new coronavirus.The aggressive moves to make and assume control of Gilead’s drug could revive concerns about the protection of intellectual property rights in China, long an area of concern for U.S. and European pharma companies, tech giants and others. The country has been making strides in the area as it nurtures a domestic industry based on innovative, patented drugs as companies develop their businesses in China.China has a difficult balance to strike, as it tries to speed development of one of the most promising potential treatments for an illness that has infected almost 45,000 people without undermining those commitments.Compulsory LicenseDespite the steps by BrightGene and Wuhan researchers, the central government has so far stopped short of seeking a “compulsory license,” which lets nations override drug patents in national emergencies. The hesitation to invoke that clause may be part of its continued efforts to demonstrate greater respect for companies’ rights.“In general, production constitutes a patent infringement, but there’s an exception if the production is intended only for regulatory approval and not for sale in the market,” said Wang Yanyu, a Beijing-based partner specializing in intellectual property at AllBright Law Offices.Gilead said it’s aware of BrightGene’s announcement and that it remains “focused on rapidly determining the potential for remdesivir to treat COVID-19,” the name given by the World Health Organization to the new syndrome. The company has said that any discussion of licensing the investigational drug is “premature.”Because of its experience with drugs like remdesivir, BrightGene said, it’s been able to get ready for production quickly.Large areas of China have been locked down by the coronavirus epidemic, while other countries are barring entry to some travelers. Gilead’s drug is seen as a potential breakthrough in the fight against the disease since it showed signs of helping patients in the U.S.761 PatientsChinese researchers are now testing the drug on 761 patients in clinical trials in Wuhan.BrightGene said that before selling the drug, it will have to license it from Gilead, conduct clinical trials and obtain approval. Its technology to make remdesivir may not be of much value if the drug fails to produce results from clinical trials, or if the epidemic comes under control soon, it said.Last week, Gilead said it has patented remdesivir in China, including filing applications for use on coronaviruses. The company also said that it is working with Chinese, U.S. and World Health Organization officials to rapidly determine whether the drug can be used to treat the virus.\--With assistance from John Lauerman.To contact Bloomberg News staff for this story: Dong Lyu in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Rachel Chang at email@example.com, Eric Pfanner, Thomas MulierFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Kite, a Gilead Company (Nasdaq: GILD), today announced that the U.S. Food and Drug Administration (FDA) has accepted the Biologics License Application (BLA) and granted Priority Review designation for KTE-X19, an investigational chimeric antigen receptor (CAR) T cell therapy for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL).
China’s deadly coronavirus outbreak continues to threaten multi-national companies, as a range of businesses from leisure to retail suffer from the outbreak’s after-effects.