Novasep announced an agreement with Pfizer Inc (NYSE:PFE) to help the global production of the COVID-19 pill, paxlovid.
- As part of the letter of intent signed between the two parties, Novasep will manufacture the active pharmaceutical ingredient (API) for the oral protease inhibitor against COVID-19.
- The technical transfer, on-site development, and equipment installation will begin immediately.
- Related: Canada Approves Pfizer's At-Home COVID-19 Antiviral Treatment, But Deliveries Delayed.
- Novasep will add its Mourenx manufacturing site in France to the paxlovid global supply chain as early as Q3 2022.
- Further expansion to other Novasep facilities and significantly increased volumes in 2023.
- "Novasep will produce API for use in our manufacturing network, expected to contribute to the overall (global) effort to produce 120 million courses of treatment in 2022,"
- Reuters reported quoting Pfizer, the deal is part of its plan to invest €520 million ($594 million) in France over the next five years.
- Novasep plans to recruit more than 40 additional employees at the Mourenx site.
- Price Action: Pfizer shares are down 1.18% at $54.30 during the premarket session on the last check Tuesday.
