Benzinga | Jul 29, 2021 01:37PM EDT

Eli Lilly-Incyte's Rheumatoid Arthritis Drug Gets OK From FDA For Solo Use In Hospitalized COVID-19 Patients

* The FDA extended the Emergency Use Authorization (EUA) for Eli Lilly And Co's (NYSE:LLY) and Incyte Corporation's (NASDAQ:INCY) rheumatoid arthritis drug Olumiant (baricitinib) to be used as a sole treatment for hospitalized COVID-19 patients who need supplemental oxygen.

* The oral drug was previously cleared in conjunction with Gilead Sciences Inc (NASDAQ:GILD) remdesivir.

* In a Phase 3 study reported in April, Olumiant did not meet its primary endpoint. The drug failed to reach statistical significance for the difference in the rate of patients needing non-invasive or invasive ventilation for the first time or those who died after four weeks.

* But FDA said that the revised EUA for baricitinib was supported by data from that study, which showed a reduction in the proportion of patients who died after four weeks of follow-up compared to patients treated with the standard of care alone.

* Price Action: LLY shares are down 0.57% at 245.10, INCY shares are down 0.37% at $77.72 during the market session on the last check Thursday.

* Related content: Benzinga's Full FDA Calendar.