Eli Lilly and Company (NYSE: LLY) saw its shares rise sharply, on announcing the company and the Bill & Melinda Gates Foundation, as part of the COVID-19 Therapeutics Accelerator, have entered into an agreement to facilitate access to future Lilly therapeutic antibodies under development for the prevention and treatment of COVID-19.
The antibodies will be offered to benefit low- and middle-income countries. Therapeutic antibodies have the potential to prevent and treat COVID-19, reducing the burden on healthcare systems worldwide.
This effort to bring equitable access to novel treatments is part of the COVID-19 Therapeutics Accelerator, an initiative launched by the Gates Foundation, Wellcome, and Mastercard to speed the development of and access to therapies for COVID-19.
The Gates Foundation based its decision to collaborate with Lilly for the manufacturing capacity on pre-set criteria, including available information regarding safety, efficacy and ability to implement in lower-resource settings.
Lilly has already started the manufacturing technology transfer at risk, in anticipation of regulatory authorization for its antibody therapy. In the interest of making supply of COVID-19 therapeutic innovations available globally as quickly as possible, Lilly will make certain volumes of its antibody therapeutic manufactured in other facilities available to lower-income countries prior to April 2021, pending the timing of regulatory authorization.
Lilly and its collaboration partners will continue to be responsible for research and development of the product.
Said CEO David Ricks, "Medicines that can help reduce the impact of COVID-19 will be an important part of the solution to this pandemic and are urgently needed by people all over the world."
LLY shares popped $3.46, or 2.3%, to $152.42.
