FDA Approves Eli Lilly's Coronavirus Antibody Treatment

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On Monday, Eli Lilly was granted approval to sell its coronavirus antibody treatment to treat COVID-19.

On Monday, Eli Lilly was granted approval to sell its coronavirus antibody treatment to treat COVID-19, according to MarketWatch.

This is only one of the many remedies that Eli Lilly and other pharma giants have been working on. The treatment will be sold for $1,250 and will help Eli Lilly make up for some of the fall out in revenue they experienced due to COVID. Shares of the company were up 3.4 percent in the premarket on Tuesday after the news broke.

COVID-19 cases are surging again with the US surpassing more than 100,000 cases per day in the past week. Clinical trials have shown that antibody treatments can be beneficial for patients with moderate cases who are not hospitalized, as long as infusions are given within 10 days of diagnosis. President Trump received antibodies from Eli Lilly competitor Regeneron's treatment after he contracted COVID-19.

Eli Lilly's antibody treatments have already started shipping to distributor AmerisourceBergen. The federal government purchased 300,000 doses of the antibody treatment and will distribute it at no cost to patients in need. Eli Lilly expects to make up to one million doses of the antibody treatment this year.

However, vaccination will hinder the demand for antibody treatments. Yesterday, Pfizer and BioNTech announced that their vaccine had a 90 percent efficacy rate in phase 3 clinical trials. They will submit the vaccine for emergency authorization later this month.

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