The rapid spread of the coronavirus with its potential to cost the global economy four times more than the $40bn SARS epidemic, as well as human misery, has energised global healthcare companies to find a cure.

In the absence of an approved vaccine, which could take months to be tested and approved, the Chinese authorities have fast-tracked testing of an antiviral drug from US biotech firm Gilead Sciences aimed at combating SARS and Ebola. Gilead’s shares initially jumped over 10% on the news.

The drug, called Remdesivir, is not yet licensed or approved anywhere globally and has not been demonstrated to be safe or effective for any use. Testing of the drug will be conducted at ‘ground zero’ in Wuhan with as many as 270 patients recruited.

One of the world’s largest vaccine makers, GlaxoSmithKline (GSK) also got in on the act by saying it would work to accelerate the creation of a vaccine in collaboration with the Coalition for Epidemic Preparedness Innovation (CEPI).

Also collaborating with CEPI is US biotech company Moderna, whose shares are up around a third after saying it will manufacture a vaccine for the coronavirus.

US biotech firm Inovio Pharmaceuticals has announced plans to rapidly develop an experimental vaccine called INO-4800 for the coronavirus and has already started preclinical testing and preparations for clinical product manufacturing.

Shares in London-listed Novacyt (NCYT:AIM) have jumped by 145% since 30 January after it launched a molecular test which it believes has the ability to detect the 2019 strain of the virus.

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