Regeneron gets federal funding for next-generation COVID treatment

Regeneron Pharmaceuticals Inc.
REGN,
-0.44%
said Tuesday that the Biomedical Advanced Research and Development Authority has agreed to support the development, manufacturing and licensure of a next-generation COVID-19 monoclonal antibody. The agreement, part of the U.S. Department of Health and Human Services’ Project NextGen initiative, provides up to $326 million of government funding, Regeneron said, noting that the federal agency will fund up to 70% of Regeneron’s costs for certain clinical development activities for the therapy. Regeneron’s most advanced antibody candidate under the agreement is expected to enter clinical trials later this year, the company said in a release. Regeneron has previously worked with BARDA, which is part of the Health and Human Services Department’s Administration for Strategic Preparedness and Response, on new treatments for Ebola as well as COVID-19. Regeneron shares were down 0.3% Tuesday and have gained 16.7% in the year to date, while the S&P 500
SPX,
-0.28%
is up 14.4%.