Two of the biggest drug giants, Eli Lilly (LLY) and Amgen (AMGN) announced they are working together to increase supplies of Lilly’s potential Covid-19 treatments. Eli Lilly stock rose higher in midday trading.
Analyst Price Target on LLY $175.83 ▲ (16.25% Upside) Based on 7 analysts offering 12- month price targets for Eli Lilly & Co in the last 3 months. The average price target is $175.83 with a high forecast of $185.00 and a low forecast of $164.00. The average price target represents a 16.25% increase from the last price of $151.25.Source: TipRanks
The agreement will significantly increase global supply capacity for Lilly’s potential COVID-19 treatments.
INDIANAPOLIS and THOUSAND OAKS, Calif., Sept. 17, 2020 /PRNewswire/ — Eli Lilly and Company (NYSE:LLY) and Amgen (NASDAQ:AMGN) today announced a global antibody manufacturing collaboration to significantly increase the supply capacity available for Lilly’s potential COVID-19 therapies. Lilly is currently studying several potential neutralizing antibodies for the prevention and/or treatment of COVID-19 as either monotherapy or in combination. Through this collaboration, the two companies will have the ability to quickly scale up production and serve many more patients around the world should one or more of Lilly’s antibody therapies prove successful in clinical testing and receive regulatory approval.
“Based on our initial clinical studies, we believe that virus neutralizing antibodies, including LY-CoV-555, could play an important role in the fight against COVID-19,” said Daniel Skovronsky, M.D., Ph.D., Lilly’s chief scientific officer and president of Lilly Research Laboratories. “Increasing the manufacturing capacity for our neutralizing antibodies through this collaboration with Amgen is a crucial next step, and together we hope to be able to produce many millions of doses even next year.” Source Eli Lilly Investor Relations
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