China Meheco to distribute Pfizer's COVID treatment in China

In an emailed statement on Tuesday, the company said it was "actively collaborating with all stakeholders to secure an adequate supply of Paxlovid in China and remains committed to fulfilling the COVID-19 treatment needs of patients in China". As of Nov. 30, Pfizer had shipped almost 37 million courses of Paxlovid to 52 countries around the world, Pfizer said in a statement on Tuesday evening.

China Meheco Group Co Ltd said on Wednesday it had signed an agreement with Pfizer to import and distribute the pharmaceutical firm's oral COVID-19 treatment Paxlovid in mainland China.

The agreement is valid until Nov. 30, 2023, China Meheco said in a filing to the Shanghai stock exchange. Pfizer shares rose 2.4%, or $1.25, to $54.32 in morning trade.

Paxlovid, which was approved by China in February, has been available through hospitals to treat high-risk patients in several provinces, Chinese media Yicai reported in March. Pfizer signed a deal in April for Chinese drugmaker Zhejiang Huahai to produce Paxlovid in mainland China solely for patients there.

Three years into the pandemic, China began pivoting away from its signature "zero COVID" policy just this month, after protests against the economically-damaging curbs that had been championed by President Xi Jinping. The sudden loosening of restrictions has sparked long queues outside fever clinics in a worrying sign that a wave of infections is building, even though official tallies of new COVID cases have trended lower recently as authorities eased back on testing.

Earlier in the week, a Chinese healthcare platform started selling Paxlovid in what appeared to be the first retail sale of the drug in the country. The medication sold out just over half an hour after the listing was reported in the media, the platform's customer service said, underscoring surging demand for COVID and flu medicines in China.

Pfizer was not immediately available for comment on Wednesday. In an emailed statement on Tuesday, the company said it was "actively collaborating with all stakeholders to secure an adequate supply of Paxlovid in China and remains committed to fulfilling the COVID-19 treatment needs of patients in China". The U.S. drugmaker said last year that it could produce

up to 120 million courses of Paxlovid this year. As of Nov. 30, Pfizer had shipped almost 37 million courses of Paxlovid to 52 countries around the world, Pfizer said in a statement on Tuesday evening.