Jefferies becomes first private-sector company to join RAPID initiative

Jessica Paige 26 March 2020 (Last Updated March 26th, 2020 17:31)

US-based financial services company Jefferies announced yesterday that it will be joining the Rapid Aseptic Packaging of Injectable Drugs (RAPID) initiative.

Jefferies becomes first private-sector company to join RAPID initiative
The RAPID initiative was launched by the US Department of Health and Human Services (HHS) and injectable medicines specialist ApiJect in response to the Covid-19 coronavirus outbreak.

US-based financial services company Jefferies announced yesterday that it will be joining the Rapid Aseptic Packaging of Injectable Drugs (RAPID) initiative.

Jefferies is the first private-sector entity to join the initiative and will be providing it with access to private-sector capital markets, global financial resources, and an initial capital commitment of $10mn.

The RAPID initiative was launched by the US Department of Health and Human Services (HHS) and injectable medicines specialist ApiJect in response to the Covid-19 coronavirus outbreak. It will create emergency drug packaging using low-cost pre-filled syringes.

Jefferies CEO Rich Handler and president Brian Friedman said: “All of us at Jefferies are deeply concerned about, and personally impacted by, the Covid-19 coronavirus pandemic. We are ready to put the firm’s capital to work in smart solutions, such as RAPID, that are critically needed to help America and the world win the battle against this pandemic.

“We have always supported new and innovative approaches and we believe RAPID is the right public-private partnership as we face this crisis in both the short-term and long-term.”

They also commented that all leadership companies belong “on the front lines of the war against this global threat” and that, by supporting RAPID, Jefferies has taken that position.

ApiJect CEO Jay Walker said: “Given the urgency to bring back critical elements in the pharma manufacturing supply chain to the US, we are especially pleased to be leading the RAPID consortium. Drug packaging and dispensing at population scale within our borders will be essential to safeguard the American public quickly and safely.

“Winning this battle against COVID-19 requires each and every company, citizen and all levels of government to step up. Having Jefferies as RAPID’s initial, shoulder-to-shoulder supporter brings a global network of clients’ immediate seed capital and a deep and experienced team to expand RAPID’s management capabilities.

“Its substantial financial support signals to others in the investment community the vital and central role that RAPID, as a public-private partnership led by the HHS Assistant Secretary for Preparedness and Response, will play in the war against the current pandemic, as well as future health emergencies and threats.”