Regeneron (NASDAQ:REGN) saw its shares strengthen Wednesday on word the company and Roche are teaming up on an investigational antibody cocktail against COVID-19, with the U.S. company to sell it in the United States and the Swiss drug maker to sell it elsewhere, should the drug win approval.
Regeneron has said it expects initial data from ongoing trials of its COVID-19 antibody cocktail, called REGN-COV2, next month.
The medicine, among several being developed by drug makers seeking a treatment for the novel coronavirus, prevented and treated the disease in rhesus macaques and hamsters, Regeneron said this month.
Together with Roche, Regeneron aims to increase the overall production capacity of REGN-COV2 by at least three and a half times in a bid to meet eventual U.S. and global need.
Roche’s move to join forces with Regeneron comes after its own drug, Actemra, failed in a trial against COVID-19.
REGN-COV2's development, manufacturing and clinical trials have been funded in part by the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services under OT number: HHSO100201700020C.
Regereon CEO Leonard Schleiffer said, "Regeneron has progressed the REGN-COV2 research and development program at record speed and worked tirelessly to maximize our in-house manufacturing capacity.
"This major collaboration with Roche provides important scale and global expertise to bring REGN-COV2 to many more patients in the United States and around the globe."
Regeneron shares popped $12.07, or 2%, to $630.66.
