Eli Lilly and Amgen to collaborate on COVID-19 antibody therapies

/ / News

Eli Lilly and Co. and Amgen Inc. said Thursday they will collaborate on COVID-19 antibody treatments as a way to significantly boost global supply capacity. The announcement comes a day after Lilly said interim data from a mid-stage clinical trial assessing its experimental antibody treatment reduced the rate of hospitalization as well as viral load in some COVID-19 patients. The investigational therapy, LY-CoV555, is produced using neutralizing antibodies gathered from patients who have recovered from COVID-19. The ongoing, randomized, double-blind, placebo-controlled Phase 2 study is expected to enroll a total of 800 participants, all of whom have mild to moderate symptoms and are being treated with LY-CoV555 in an outpatient setting. Lilly said the rate of hospitalization and emergency room visit was 1.7% for patients taking the drug, while the rate of hospitalization and ER visits for patients taking the placebo was 6.0%. “The results reinforce our conviction that neutralizing antibodies can help in the fight against COVID-19,” Dr. Daniel Skovronsky, Lilly’s chief scientific officer, said in a news release. The full data is expected to be published in a peer-reviewed journal. “Through this collaboration, the two companies will have the ability to quickly scale up production and serve many more patients around the world should one or more of Lilly’s antibody therapies prove successful in clinical testing and receive regulatory approval,” Lilly and Agmen said in a joint statement. Lilly shares were slightly higher premarket, while Amgen was down 0.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.