Merck’s Covid pill sparks Asia vaccine shares selloffA handout photo of the experimental Covid-19 treatment pill, called molnupiravir, developed by Merck & Co Inc and Ridgeback Biotherapeutics LP. (Photo: Reuters)SINGAPORE: The price of shares in makers of vaccines and other coronavirus treatments dropped in Asia on Monday after Merck & Co said its experimental pill cuts the risk of hospitalization and death from Covid-19 in half. Shanghai Fosun Pharmaceutical Group Co, which has a deal to distribute BioNTech and Pfizer Inc.’s vaccine in Greater China, slumped as much as 21% in Hong Kong, leading losses in the region’s health stocks. Drugmakers were broadly weaker, with CSPC Pharmaceutical Group Ltd. and Wuxi Biologics (Cayman) Inc. each dropping more than 7%, among the worst declines on the Hang Seng Index. “This is on the back of Merck’s game-changer pill, which still requires emergency-use authorization from the FDA before being rolled out,” said Justin Tang, the head of Asian research at United First Partners.
