Sign in Subscribe
Defence industries

Regeneron Pharmaceuticals Awarded $450 Million Contract to Develop Coronavirus Treatment

Strategic Insights

— 2 min read

Regeneron Pharmaceuticals, a leading pharmaceutical company, has been awarded a $450 million contract from the U.S. government to produce its developing coronavirus treatment, REGN-COV2. The contract will aid in increasing production of the antiviral cocktail, which is currently involved in two separate clinical trials for both the treatment and prevention of COVID-19. The trials, one of which is run jointly with the National Institute of Allergy and Infectious Diseases, are testing the cocktail's ability to prevent infection in exposed individuals and as a treatment in hospitalized patients.

Key Takeaways:

  • Regeneron Pharmaceuticals has been awarded a $450 million contract from the U.S. government to produce its developing coronavirus treatment, REGN-COV2.
  • The contract will aid in increasing production of the antiviral cocktail, which is currently involved in two separate clinical trials for both the treatment and prevention of COVID-19.
  • One trial is testing the cocktail's ability to prevent infection in 2,000 people who have been exposed to the virus by close contact, while another trial is testing the antibody cocktail therapy as a treatment in 2,900 coronavirus patients.
  • CEO Leonard Schleifer stated that the company has invested 30 years in developing innovative technologies and manufacturing facilities, allowing them to move the REGN-COV2 program forward at remarkable speed.
  • Regeneron shares were marked 3.65% higher in pre-market trading, indicating an opening bell price of $650.12 each, extending the stock's year-to-date gain past 73%.
  • Operation Warp Speed, a U.S. government initiative formed last month, aims to deliver 300 million doses of a safe, effective vaccine for COVID-19 by January 2021, while developing a broader strategy to accelerate the development, manufacturing, and distribution of COVID-19 vaccines, therapeutics, and diagnostics.

Statistics:

  • The U.S. government has awarded Regeneron Pharmaceuticals a $450 million contract to produce its developing coronavirus treatment, REGN-COV2.
  • The contract aims to increase production of the antiviral cocktail, which is involved in two separate clinical trials for both the treatment and prevention of COVID-19.
  • The trials will test the cocktail's ability to prevent infection in 2,000 exposed individuals and as a treatment in 2,900 hospitalized patients.
  • Operation Warp Speed aims to deliver 300 million doses of a safe, effective vaccine for COVID-19 by January 2021.
  • Regeneron shares have experienced a 73% year-to-date gain, and have marked 3.65% higher in pre-market trading, with an opening bell price of $650.12 each.

Sources:

  • Regeneron Pharmaceuticals
  • U.S. Department of Health and Human Services
  • Operation Warp Speed
  • National Institute of Allergy and Infectious Diseases
  • Food and Drug Administration

Read more