Merck has reached a deal with the U.S. government to supply a promising new investigational coronavirus drug.

The drug, which is currently only known as MK7110, has shown early promise in treating patients already sick with COVID-19 who are severely or critically ill.

The United States Department of Health officials say COVID-19 patients who received a single dose were 60% more likely to recover.

Under the $356 million deal, Merck would deliver 100,000 doses by the end of June 2021.

If the FDA grants emergency use authorization, the new medication would be provided free of charge to patients.