Shares of Regeneron Pharmaceuticals Inc. (REGN) gained 0.9% in premarket trading on Tuesday after the drugmaker said it received $450 million from the federal government to manufacture and supply its still investigational COVID-19 treatment. The agreement is with the Biomedical Advanced Research and Development Authority and the Department of Defense. Regeneron said Monday ( ) that the antibody cocktail candidate is being testing in two Phase 2/3 clinical studies as a treatment for COVID-19; the therapy is also in a Phase 3 trial evaluating whether or not it can prevent someone who has been exposed by a close contact from getting infected with the virus. The company said that if the Food and Drug Administration grants the experimental therapy an emergency use authorization or an approval, "the government has committed to making doses from these lots available to the American people at no cost and would be responsible for their distribution." Regeneron's stock has soared 67.0% since the start of the year, compared with the S&P 500 , which is down 1.5%.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 07, 2020 07:22 ET (11:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.