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Pfizer Works On Compounds That May Help Stop Coronaviruses

Pfizer Inc. (NYSE: PFE) says it is in the process of working with a third party to screen compounds that may curb coronaviruses.

Benzinga · 03/03/2020 11:58

Pfizer Inc. (NYSE: PFE) says it is in the process of working with a third party to screen compounds that may curb coronaviruses.

What Happened

Pfizer announced on Monday that it has identified compounds that may help stop coronaviruses.

The pharmaceutical giant is working with a third party to screen these compounds, and if successful results are achieved by the end of this month, it will start testing them by the end of 2020 according to Reuters. 

Why It Matters

Pfizer’s Chief Scientific Officer Mikael Solsten met President Donald Trump on Monday, along with representatives of Gilead Sciences Inc. (NASDAQ: GILD), Johnson&Johnson (NYSE: JNJ), GlaxoSmithKline (NYSE: GSK), and others.

The drug manufacturers told President Trump that they were “making rapid progress on vaccines and antivirals” to fight the coronavirus epidemic,  Bloomberg reported.

The Covid-19 virus has claimed the life of a 70-year-old man, and cases have been reported in New York, Florida, Illinois, and Rhode Island.

Price Action

Pfizer shares traded 0.070% higher at $34.95 in the after-hours session on Monday. The shares had closed the regular session 4.37% higher at $34.88.