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AP

Pfizer, US ink $5.29B deal for possible COVID-19 treatment

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The U.S. government will pay drugmaker Pfizer $5.29 billion for 10 million treatment courses of its potential COVID-19 treatment if regulators authorize it.

Pfizer asked U.S. regulators on Tuesday to authorize emergency use of its experimental pill, which has been shown to significantly cut the rate of hospitalizations and deaths among people with COVID-19.

Pfizer reported earlier this month that its pill cut hospitalizations and deaths by 89% among high-risk adults who had early symptoms.

The Food and Drug Administration is already reviewing a competing pill from Merck and will hold a public meeting on it later this month.   

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