May 11, 2020 (MLN): Ferozsons Laboratories Limited has apprised the Pakistan Stock Exchange that its subsidiary, i.e. BF Biosciences Limited (BFBL), is in negotiations to enter into a non-exclusive license agreement with Gilead Sciences, Inc.
According to the notification issued by the Company in this regard, the agreement pertains to the manufacture and sale of remdesivir to supply Pakistan and 126 other countries under Gilead's Global Patient Solutions Program serving the developing world. However, there is no obligation at this time for any party to execute any transaction.
Remdesivir has been granted emergency use authorization (EUA) by the U.S. Food and Drug Administration (FDA) to treat hospitalized patients with severe COVID-19 disease. The optimal duration of treatment is still being studied in ongoing clinical trials. Under the EUA, both 5-day and 10-day treatment durations are suggested, based on the severity of disease.
If an agreement is executed by Gilead and BFBL, once production starts, the company believes it will have sufficient quantities over time to serve the needs of the patients in Pakistan. However, at the moment, the management is uncertain as to the timelines for first launch as an agreement remains to be executed, and thereafter local regulatory approvals and sourcing of Active Pharmaceutical Ingredient (API) for manufacturing remdesivir may take some time.
BFBL management is actively taking up the matter with the relevant stakeholders so that remdesivir is made available to patients in Pakistan on an urgent basis.
