Eli Lilly & Co (LLY) - Get Free Report said Thursday that it's reached an agreement with Amgen (AMGN) - Get Free Report to manufacture its potential coronavirus antibody treatment as global cases look set to pass the 30 million mark.
Eli Lilly said it's studying several neutralizing antibodes for the prevention and treatment of COVID-19, either in combination with other drugs or as a so-called monotherapy, adding that its collaboration with Amgen would "significantly increase the supply capacity" of any potential treatment breakthrough.
Eli Lilly said yesterday that interim data from a midstage clinical trial indicated that its experimental antibody, Y-CoV555, reduced the need for hospitalization and emergency-room visits among patients with moderate coronavirus
"Based on our initial clinical studies, we believe that virus neutralizing antibodies, including LY-CoV-555, could play an important role in the fight against COVID-19," said Eli Lilly's Daniel Skovronsky, the group's chief scientific officer and president of Lilly Research Laboratories. "Increasing the manufacturing capacity for our neutralizing antibodies through this collaboration with Amgen is a crucial next step, and together we hope to be able to produce many millions of doses even next year."
Eli Lilly shares were marked 0.9% lower in early trading Thursday to change hands at $149.60 each, a move that would trim its six-month gain to around 5.5%.
Amgen shares fell 1.4% from last night's close on the Nasdaq, to trade at $244.53 each.
Earlier this summer, Eli Lilly started providing patients with doses of its potential coronavirus treatment in what it said was the world's first study of a potential antibody to the global disease.
Lilly said its LY-CoV555 treatment, which could create antibody therapies for the prevention and treatment of COVID-19, was given to patients as part of early stage trials at the NYU Grossman School of Medicine in New York and Cedars-Sinai Medical Center in Los Angeles.