Shares of Merck & Co. Inc. MRK, +2.15% rose 0.9% in premarket trading Wednesday, after the drug maker announced a supply agreement with the U.S. government for molnupiravir, its investigational oral antiviral candidate to treat mild to moderate COVID-19. Molnupiravir, which is being developed in collaboration with Ridgeback Biotherapeutics, is currently undergoing a Phase 3 clinical trial for treating COVID-19 in non-hospitalized patients with at least one risk factor. If molnupiravir is granted Emergency Use Authorization (EUA) from the Food and Drug Administration, Merck will receive about $1.2 billion to supply the government with 1.7 million courses of molnupiravir. The company expects to have more than 10 million courses of therapy by the end of 2021. Merck’s stock has lost 7.2% year to date through Tuesday, while the Dow Jones Industrial Average DJIA, +0.15% has gained 13.1%.
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