Novasep announced an agreement with Pfizer Inc (NYSE: PFE) to help the global production of the COVID-19 pill, paxlovid.

• As part of the letter of intent signed between the two parties, Novasep will manufacture the active pharmaceutical ingredient (API) for the oral protease inhibitor against COVID-19.

• The technical transfer, on-site development, and equipment installation will begin immediately.

• Related: Canada Approves Pfizer's At-Home COVID-19 Antiviral Treatment, But Deliveries Delayed.

• Novasep will add its Mourenx manufacturing site in France to the paxlovid global supply chain as early as Q3 2022.

• Further expansion to other Novasep facilities and significantly increased volumes in 2023.

• "Novasep will produce API for use in our manufacturing network, expected to contribute to the overall (global) effort to produce 120 million courses of treatment in 2022,"

• Reuters reported quoting Pfizer, the deal is part of its plan to invest €520 million ($594 million) in France over the next five years.

• Novasep plans to recruit more than 40 additional employees at the Mourenx site.

• Price Action: Pfizer shares are down 1.18% at $54.30 during the premarket session on the last check Tuesday.

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• Canada Approves Pfizer's At-Home COVID-19 Antiviral Treatment, But Deliveries Delayed

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