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Drugmakers have been focused on buying late-stage assets with larger revenue potential to replace older blockbuster drugs that have fallen out of favor.
When a new coronavirus emerged out of China in January, Qiagen got to work on a test to detect the virus in bodily fluids. The test is now being evaluated at four hospitals in China and one in France. The diagnostic gives results in about one hour.
Gilead’s hepatitis C franchise turned the company into a pharma industry giant, but sales of the drugs have slipped from their peak and it has struggled to find new streams of revenue.