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(CNN) — A pill has cut the risk of hospitalization or death from Covid-19 by half in a study, Merck and Ridgeback Therapeutic said Friday.

It would become the first oral antiviral for Covid-19 if approved by the US Food and Drug Administration for emergency use authorization.

“At the interim analysis, molnupiravir reduced the risk of hospitalization or death by approximately 50%,” Merck said in a news release. “7.3% of patients who received molnupiravir were either hospitalized or died through Day 29 following randomization (28/385), compared with 14.1% of placebo treated patients (53,377). Through Day 29, no deaths were reported in patients who received molnupiravir, as compared to 8 deaths in patients who received placebo.”

Merck said it will seek FDA emergency use authorization “as soon as possible.”

Experts have said that developing an oral antiviral could be the next chance to thwart Covid-19. A short-term regimen of daily pills would aim to fight the virus early after diagnosis and prevent symptoms from developing after exposure.

One antiviral drug has been approved to treat Covid. Remdesivir is given intravenously to sick patients in the hospital. It is not meant for early, widespread use.