If it is approved, the treatment would be distributed by Regeneron Pharmaceuticals in the U.S. and elsewhere in the world by Roche, the Swiss drug giant that owns U.S.-based Genentech.
Supplies of REGN-COV2 could more than triple under the agreement, the companies said in a statement Wednesday.
REGN-COV2 is currently being studied in two Phase 2/3 clinical trials for the treatment of Covid-19 and in a Phase 3 trial for the prevention of the disease in people living in a house with infected individuals.
Regeneron Pharmaceuticals partnered with Roche because it doesn't expect to be able to manufacture enough of the drug on its own to meet global demand, Regeneron Pharmaceuticals CEO Leonard Schleifer told The Wall Street Journal in an interview.
"We know we're going to be limited in capacity and there are very few people in the world who have as much manufacturing capacity as Roche-Genentech," Schleifer told the Journal.
Regeneron Pharmaceuticals and Roche make competing rheumatoid arthritis drugs and vision-loss drugs.
"We're letting out our technology and sharing it with a competitor so that we can bring the most amount of doses to people in the U.S.," Schleifer said in the interview.
Renegeron Pharmaceuticals shares were rising Wednesday by 2.3% to $632.81.
Regeneron Pharmaceuticals last month was awarded a $450 million contract from the U.S. government to produce its developing coronavirus treatment. The company is one of many working to develop a treatment for Covid-19, the disease caused by the coronavirus.