The Trump administration awarded a $450 million contract under ‘Operation Warp Speed’ to Regeneron Pharmaceuticals Inc (NASDAQ:REGN)(RPC) to develop and quickly distribute the antibody cocktail – REGN-COV2 for the treatment and prevention of COVID-19.
Funding for REGN-COV2 development
As per the entered deal terms, BARDA (Biomedical Advanced Research and Development Authority) and the US Defense will provide the necessary funding to RPC for vaccine development. RPC will immediately provide several million doses of the drug to the US population freely on successful clinical trials and getting EUA (Emergency User Authorization) from the US FDA.
Committed to saving several million lives
Leonard S. Schleifer, CEO of RPC, said the company initially decided to produce the vaccine on a large scale by taking risks and ensure its availability on achieving success in clinical studies and obtaining EUA. The production and distribution accord with the US Government will help the company to distribute its cocktail quickly to contain the spread of coronavirus and save the lives of millions nationwide. The US Government owns all the vaccine doses manufactured by RPC.
Rushes to secure several billion doses of vaccine
The US government is also rushing to get several billion doses of the proven vaccine from companies worldwide to save several lives in the US. Novavax, Inc. (NASDAQ:NVAX) is another company to receive $1.6 billion in funding from the US Government to proceed with the development and testing of a coronavirus’s potential vaccine. Novavax will begin the clinical studies of its late-stage vaccine candidate.
Efficacy and safety of the formulations will be validated in phase 3 clinical trial. The government expects 100 million doses from Novavax by January 2021.
The US government is giving billions to pharmaceutical companies to expedite the development of potential vaccines for the coronavirus.
RPC competitors like AbbVie Inc and Eli Lilly And Co also engage in the development of antibody therapies for the treatment of respiratory illness. RPC is also conducting trials of its antigens in partnership with NIH (National Institute of Health). The company expects to provide the bulk of the antigen in the fall this year.
Glenmark introduces COVID drug
Glenmark Pharmaceuticals introduced an economical FabiFlu branded COVID drug – Favipiravir in 200 mg denomination to treat patients suffering from mild to moderate coronavirus infections. The company received the approval of DCGI for the production and marketing of the innovative drug to treat coronavirus.