European Commission Signs COVID-19 Drug Procurement Deal With Gilead

Gilead Sciences Inc GILD and the European Commission signed a joint procurement agreement for rapid and equitable access to the COVID-19 therapeutic Veklury (remdesivir).
This is the second contract for the drug, which is approved in Europe to treat COVID patients at high risk of experiencing a severe case of the disease and patients who have pneumonia and require supplemental oxygen.
The agreement covers purchases of Veklury over the next twelve months and has the option to be extended for an additional six months. It follows the expiration of the original agreement, the first for a COVID-19 therapeutic, signed in October 2020.
Related: Gilead's Remdesivir Becomes First Approved Treatment For Pediatric COVID-19 Patients.
Reuters reported that the European countries could purchase up to 2,250,000 vials. The last contract for Veklury ended in April.
Around three million new COVID-19 cases were reported in the European region last week, accounting for nearly half of all new cases globally.
Hospitalization rates have doubled over the same period, and close to 3,000 people die of the disease every week, said Hans Kluge, the WHO Regional Director for Europe.
Price Action: GILD shares are up 1.95% at $62.09 during the market session on the last check Tuesday.