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AbbVie, Amgen and Takeda are starting to test drugs as COVID-19 treatments

AbbVie Inc. ABBV,
Amgen Inc. AMGN,
and Takeda Pharmaceutical Co. Ltd. BRANCH,
+ 0.22%
announced that they were enrolling patients in a clinical trial that tested three of their drugs as treatments for critically ill and hospitalized COVID-19 patients. This includes the still-investigative HIV therapy cenicriviroc, psoriasis medication Otezla, and the anti-inflammatory drug Firazyr. The companies are using a platform to minimize the number of clinical trial participants and the time required to test those drugs under an umbrella group called the COVID R&D Alliance. Since the beginning of the year, AbbVie’s share has risen 7.2%, Amgen shares have risen 1.5%, and Takeda’s share has decreased 7.4%. The S&P 500 SPX,
+ 0.76%
increased by 1.2%.