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Teva To Donate Malaria Drug To Fight Novel Coronavirus; Stock Surges

Teva Pharmaceutical Industries Ltd. (TEVA) said that it will immediately donate more than 6 million doses of hydroxychloroquine sulfate tablets through wholesalers to hospitals across the U.S. to meet the urgent demand for the medicine as an investigational target to treat COVID-19.

TEVA closed Thursday regular trading at $7.17, up $0.48 or 7.17 percent. In the after-hours, the stock further gained $0.83 or 11.58 percent.

Teva said it will ship 6 Million tablets through wholesalers to hospitals by March 31, and more than 10 Million within a month.

Hydroxychloroquine sulfate tablets manufactured by Teva are approved by U.S. Food and Drug Administration for the treatment of malaria, lupus erythematosus and rheumatoid arthritis.

The product is not currently approved for use in the treatment of COVID-19, But it is currently under investigation for efficacy against the coronavirus and has been requested by US government officials to be made available for use immediately.

The company is also reviewing supply of both hydroxychloroquine and chloroquine globally to determine whether there are additional supply and access opportunities for patients.

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