(Yicai Global) Feb. 14 -- Shares in Porton Pharma Solutions surged by the exchange-imposed limit today after the Chinese drugmaker said that it has received a USD681 million purchase order from Pfizer. Market insiders suspect that it has been commissioned by the US pharmaceutical giant to make the drug locally after Pfizer recently got the greenlight to distribute its Covid-19 tablet in China.

Porton Pharma’s share price [SHE:300363] jumped 20 percent to CNY73.58 (USD11.50).

Paxlovid, a drug which can be used to treat adults in high-risk groups with mild to moderate symptoms of Covid-19, has been approved for emergency use under certain conditions, the National Medical Products Administration said on Feb. 12. More research must be done to meet these conditions, it added. It is the first foreign Covid-19 drug approved for use in China.

Although New York-based Pfizer did not reveal any local production plans, the timing of the order with Porton Pharma has made market insiders suspect that the Chongqing-based company has been commissioned to make Paxlovid.

Paxlovid is also the first Covid-19 pill to be approved for emergency use in the US. The US Food and Drug Administration gave it the greenlight on Dec. 22 and within one week of going to market the drug generated USD76 million in revenue. Earnings are expected to reach USD22 billion this year, Pfizer said earlier.

Last December, China greenlit the emergency use of a combination therapy of Covid-19 neutralizing anitbodies by injection for the first time. Developed by a unit of Chinese innovative medicine developer Brii Biosciences, it has been proven to help prevent mild and regular cases of the disease becoming more severe.

Editor: Kim Taylor