German pharmaceutical company Merck (MRK) announced on Friday that it plans to seek emergency authorization for its oral antiviral treatment for COVID-19 as soon as possible, potentially beating Pfizer, which is still in the trial phase of its own oral drug.

Merck’s move comes after their trial revealed that their drug, molnupiravir, reduced the risk of hospitalization or death by around 50% for patients with mild or moderate COVID-19. If authorized, it would be the first oral antiviral drug for COVID-19.

"This is going to change the dialogue around how to manage COVID-19," Robert Davis, Merck's chief executive officer, told Reuters.

Merck said its oral drug, which was taken by trial patients globally every 12 hours for five days, is effective against all COVID variants.

Its phase 3 trial included unvaccinated participants from all around the world, including Brazil, Guatemala, Italy, Japan, South Africa, Taiwan and the U.S. Participants also had at least one underlying condition that put them at higher risk of COVID complications.

The trial results also revealed that 7.3% of patients treated with molnupiravir were hospitalized within 29 days compared to 14.1% of patients who received a placebo drug.

None of the patients who received the drug died, versus eight deaths among patients who took the placebo.

“More tools and treatments are urgently needed to fight the COVID-19 pandemic, which has become a leading cause of death and continues to profoundly affect patients, families, and societies and strain health care systems all around the world,” Merck’s CEO Robert Davis said in a statement.

“With these compelling results, we are optimistic that molnupiravir can become an important medicine as part of the global effort to fight the pandemic,” he added.

As of Friday at 10:34 a.m. Merck stock was trading at $82.32, up $7.21, or 9.6%.

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