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9 June 2020 By Robert Cyran Follow @rob_cyran

The $100 bln company has an approved Covid-19 drug that the U.S. government is distributing. That helps replace maturing HIV and dwindling hep C meds, and made Gilead a takeover target. The ability to cure what ails the entire economy buffs the sector’s strong defensive nature.

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The European Medicines Agency, the European Union agency in charge of the evaluation of new drugs, said on June 8 that it aimed to fast-track approval of Gilead Sciences’ remdesivir for the treatment of Covid-19. The drug has already been approved for emergency use in the United States.

Separately, Dr Robert Kadlec, assistant secretary at the U.S. Department of Health and Human Services warned that the federal government’s supply of remdesivir could run out by the end of June, in an interview with CNN.

Bloomberg reported on June 7 that AstraZeneca had approached the U.S. firm about a possible merger, but that Gilead was not interested.

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