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March 19, 2020, 3:25 p.m. EDT

Bayer donates chloroquine to U.S., to seek emergency use as COVID-19 treatment

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By Jaimy Lee

U.S. listed shares of Bayer AG /zigman2/quotes/203424967/delayed BAYRY -0.96% rose 3% in trading on Thursday afternoon after it said it had donated three million tablets of Resochin, a chloroquine product, to the U.S. The German drugmaker said that it is seeking an emergency use authorization for the drug in the U.S., where it is not approved. Health care providers in countries like China and France have been using chloroquine-based therapies to treat COVID-19 patients as there are no proven treatments for the disease. At a news conference on Thursday, President Donald Trump talked up use of the antimalaria drug to treat patients who have the novel coronavirus, and FDA commissioner Stephen Hahn said that while chloroquine has been approved for other indications, it would still need to go through clinical trials. Bayer's stock is down 34% year-to-date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.06% has dropped 25%.

/zigman2/quotes/203424967/delayed
US : U.S.: OTC
$ 16.46
-0.16 -0.96%
Volume: 648,446
Aug. 7, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
3.23%
Market Cap
$64.82 billion
Rev. per Employee
$399,166
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/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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