Merck Inc. is locking horns with peer Pfizer Inc. in what could be termed as the battle supremacy in the COVID-19 treatment market. The stakes are high, with an effective treatment for the disease potentially entering the arena in addition to the vaccines that are already on the market. Pfizer Dips Into COVID-19 Treatment Arena After moving ahead in the COVID-19 vaccine race along with its German partner BioNTech SE, Pfizer is wanting to leave no stone unturned in capitalizing on the COVID-19 opportunity. The company announced Friday an interim analysis of data from the Phase 2/3 study of its oral COVID-19 antiviral candidate Paxlovid, showing an 89 percent reduction in the risk of COVID-19-related hospitalization or death from any cause compared to placebo in patients treated within three days of symptom onset. The positive data triggered strong buying in Pfizer shares and a sell-off in Merck shares. Merck had …