17th May 2022 09:12
(Alliance News) - AstraZeneca PLC on Tuesday said it signed a license agreement with RQ Biotechnology Ltd to develop, manufacture and sell Covid antibodies worldwide.
RQ Bio is a company co-founded by LifeArc, a London-based medical charity. "RQ Bio today emerges from stealth mode, announcing its launch as a new UK-based biotechnology company," LifeArc trumpeted in a separate press release.
The license deal is worth up to USD157 million, LifeArc said. RQ Bio will be eligible to receive single digit royalties on sales, it continued. The antibodies against Sars-CoV-2, the virus that causes Covid-19, provide instant and long-lasting immunity for vulnerable people at risk of severe disease or death from viral infections, it said. The antibodies are generally used in the early stage of a Covid infection.
Iskra Reic, executive vice president of AstraZeneca's Vaccines & Immune Therapies unit, said: "Scientific innovation is rapidly accelerating, and this agreement reflects our continued commitment to the discovery and development of new medicines to help prevent and treat infectious disease, including Covid-19."
AstraZeneca shares were 0.1% higher at 10,480.00 pence each in London on Tuesday morning.
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Astrazeneca