• A patient breathes through an oxygen mask at the Covid-19 ICU unit of the Dr Abdulah Nakas General Hospital in Sarajevo, Bosnia. AP
    A patient breathes through an oxygen mask at the Covid-19 ICU unit of the Dr Abdulah Nakas General Hospital in Sarajevo, Bosnia. AP
  • Nurse Alex Krajek puts on PPE as he prepares to enter a patient room in a wing housing Covid-19 patients at UW Health University Hospital in Madison, Wisconsin. Reuters
    Nurse Alex Krajek puts on PPE as he prepares to enter a patient room in a wing housing Covid-19 patients at UW Health University Hospital in Madison, Wisconsin. Reuters
  • A nurse works in a Covid-19 patient's room during a tour of SSM Health St. Anthony Hospital's intensive care unit in Oklahoma City. Reuters
    A nurse works in a Covid-19 patient's room during a tour of SSM Health St. Anthony Hospital's intensive care unit in Oklahoma City. Reuters
  • Nursing Assistant Brittany Digman wears a 3M Versaflo TR-300+ powered air purifying respirator as she prepares to enter the room of a Covid-19 patient being treated at UW Health University Hospital in Madison, Wisconsin. Reuters
    Nursing Assistant Brittany Digman wears a 3M Versaflo TR-300+ powered air purifying respirator as she prepares to enter the room of a Covid-19 patient being treated at UW Health University Hospital in Madison, Wisconsin. Reuters
  • Patients breathe through oxygen masks at the Covid-19 ICU unit of the Dr Abdulah Nakas General Hospital in Sarajevo, Bosnia. AP
    Patients breathe through oxygen masks at the Covid-19 ICU unit of the Dr Abdulah Nakas General Hospital in Sarajevo, Bosnia. AP
  • Members of a local election commission wearing personal protective equipment (PPE) and carrying a mobile ballot box and documents visit patients suffering from Covid-19 during the Russian parliamentary election at the red zone of a hospital for war and labour veterans in Volgograd, Russia. Reuters
    Members of a local election commission wearing personal protective equipment (PPE) and carrying a mobile ballot box and documents visit patients suffering from Covid-19 during the Russian parliamentary election at the red zone of a hospital for war and labour veterans in Volgograd, Russia. Reuters
  • A nurse tends to a Covid-19 patient during a tour of SSM Health St. Anthony Hospital's intensive care unit in Oklahoma City. Reuters
    A nurse tends to a Covid-19 patient during a tour of SSM Health St. Anthony Hospital's intensive care unit in Oklahoma City. Reuters
  • Medical staff in full protective equipment check the charts of patients at the Covid-19 ICU unit of the Dr Abdulah Nakas General Hospital in Sarajevo, Bosnia. AP
    Medical staff in full protective equipment check the charts of patients at the Covid-19 ICU unit of the Dr Abdulah Nakas General Hospital in Sarajevo, Bosnia. AP

Merck's pill for Covid-19 'effective against all variants'


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An experimental antiviral pill developed by Merck & Co could halve the chances of dying or being admitted to hospital for those most at risk of contracting severe Covid-19, according to data experts.

If it receives authorisation, molnupiravir, which is designed to introduce errors into the genetic code of the virus, would be the first oral antiviral medication for Covid-19.

Antiviral treatments that can be taken at home to keep people with Covid-19 out of the hospital are critically needed
Wendy Holman,
Ridgeback chief executive

Merck and partner Ridgeback Biotherapeutics said they planned to seek US emergency use authorisation for the pill as soon as possible and make regulatory applications worldwide.

"An oral antiviral that can impact hospitalisation risk to such a degree would be game changing," said Amesh Adalja, senior scholar at the Johns Hopkins Centre for Health Security.

Current treatment options include Gilead Sciences' infused antiviral remdesivir and generic steroid dexamethasone, both of which are generally only given once a patient has already been admitted to hospital.

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

Existing treatments are "cumbersome and logistically challenging to administer", Mr Adalja said.

"A simple oral pill would be the opposite of that," he said.

The results from the Phase 3 trial, which sent Merck shares up by more than 9 per cent, were so strong the study is being stopped early at the recommendation of outside monitors.

Shares of Atea Pharmaceuticals, which is developing a similar Covid-19 treatment, were up by more than 21 per cent following the news.

Shares of Covid-19 vaccine makers Moderna were down by more than 10 per cent, while Pfizer was down less than 1 per cent.

Jefferies analyst Michael Yee said investors believed "people will be less afraid of Covid and less inclined to get vaccines if there is a simple pill that can treat Covid".

Pfizer and Swiss drugmaker Roche Holding AG are also racing to develop an easy-to-administer antiviral pill for Covid-19. For now, only antibody cocktails that have to be given intravenously are approved for patients who have not been admitted to hospital.

White House Covid-19 response co-ordinator Jeff Zients said molnupiravir was "a potential additional tool ... to protect people from the worst outcomes of Covid".

But he said vaccination "remains far and away, our best tool against Covid-19".

A planned interim analysis of 775 patients in Merck's study looked at hospital admissions or deaths among people at risk of severe disease. It found 7.3 per cent of those given molnupiravir twice a day for five days were admitted to hospital and none had died by 29 days after treatment.

By contrast, a rate of 14.1 per cent of placebo patients were admitted to hospital. There were also eight deaths in the placebo group.

"Antiviral treatments that can be taken at home to keep people with Covid-19 out of the hospital are critically needed,” said Wendy Holman, chief executive of Ridgeback.

'A huge advance'

Scientists welcomed the potential new treatment to help prevent serious illness from the virus, which has killed almost five million people around the world, 700,000 of them in the US.

“A safe, affordable, and effective oral antiviral would be a huge advance in the fight against Covid," said Peter Horby, a professor of emerging infectious diseases at the University of Oxford.

The study enrolled patients with laboratory-confirmed mild-to-moderate Covid-19, who had symptoms for no more than five days. All patients had at least one risk factor associated with poor disease outcome, such as obesity or older age.

Drugs in the same class as molnupiravir have been linked to birth defects in animal studies. Merck has said similar studies of molnupiravir – for longer and at higher doses than used in humans – indicate the drug does not affect mammalian DNA.

Merck said viral sequencing carried out so far showed molnupiravir was effective against all variants of the coronavirus, including the highly transmissible Delta strain, which has driven the recent worldwide surge in hospital admissions and deaths.

It said rates of adverse events were similar for both molnupiravir and placebo patients, but did not give details.

The US drugmaker said it expected to produce 10 million courses of the treatment by the end of 2021.

The company has a US government contract to supply 1.7 million courses of molnupiravir at a price of $700 for every course.

Mr Davis said Merck had similar agreements with other governments, and was in talks with more. The company said it planned to create a tiered pricing approach based on country income criteria.

The US government has the option to purchase up to an additional 3.5 million treatment courses if needed, a US health official told Reuters.

Merck has also agreed to license the drug to several generic drugmakers in India. They would be able to supply the treatment to low and middle-income countries.

Molnupiravir is also being studied in a Phase 3 trial for preventing infection in people exposed to the coronavirus.

Merck officials said it was unclear how long the FDA review would take, although Dean Li, head of the company's research labs, said "they are going to try to work with alacrity on this".

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The nine articles of the 50-Year Charter

1. Dubai silk road

2.  A geo-economic map for Dubai

3. First virtual commercial city

4. A central education file for every citizen

5. A doctor to every citizen

6. Free economic and creative zones in universities

7. Self-sufficiency in Dubai homes

8. Co-operative companies in various sectors

­9: Annual growth in philanthropy

The biog

Profession: Senior sports presenter and producer

Marital status: Single

Favourite book: Al Nabi by Jibran Khalil Jibran

Favourite food: Italian and Lebanese food

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Updated: October 02, 2021, 2:19 PM