Shares of Bristol-Myers Squibb Co (NYSE: BMY) were boosted higher on Thursday after the company announced the European Commission approved its Evotaz for the treatment of HIV-1 in adults.

Evotaz (atazanayir 300 mg and cobicistat 150 mg) is a daily tablet to be taken with other antiretroviral agents for the treatment of HIV-1 infected adults. There are an estimated 2.2 million people in the European region that live with the HIV virus, according to UNAIDS and WHO estimates and cited by the company in its press release.

The company continued that only one-third of diagnosed patients in Eastern Europe received antiretroviral therapy in 2012, a number that falls significantly short below WHO's goals of 80 percent coverage by 2015.

Shares traded recently at $69.70, up about 0.6 percent.

"HIV remains a significant public health concern throughout the world, and the increase in new infections in recent years in Europe means that it is more important than ever to continue to deliver new treatment options to help patients achieve virologic suppression," said Murdo Gordon, Head of Worldwide Markets,Bristol-Myers Squibb. "By combining reduced pill burden with a low rate of virologic failure and no protease inhibitor mutations, Evotaz increases the possibility of suppressing HIV, and we are pleased to bring it to physicians and patients in the EU."

Bristol-Myer forged a licensing agreement with Gilead Sciences, Inc. (NASDAQ: GILD) in 2011 for the development and commercialization for what is now named Evotaz. Under the terms of the agreement, Bristol-Myers and its affiliates will handle formulation, manufacturing, registration, distribution and commercialization of Evotaz. Gilead retains the sole rights for the manufacture, development and commercialization of cobicistat as a stand-alone product and for use in combination with other agents.

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