Lilly to Supply up to 600,000 Doses of AbCellera-Discovered Antibody, Bebtelovimab, to the U.S. Government in Ongoing Effort to Provide COVID-19 Treatments

Rhea-AI Summary

AbCellera (Nasdaq: ABCL) has announced a purchase agreement with Eli Lilly for the supply of up to 600,000 doses of the investigational drug bebtelovimab. The deal is valued at a minimum of $720 million and is contingent upon obtaining Emergency Use Authorization from the FDA. Testing confirms that bebtelovimab neutralizes the Omicron variant and its subvariants. This drug is part of AbCellera's rapid response to COVID-19, initiated in 2020, which also led to the development of bamlanivimab.

Positive

• Agreement for up to 600,000 doses of bebtelovimab worth at least $720 million.
• Bebtelovimab shows effectiveness against Omicron and other variants.
• First monoclonal antibody bamlanivimab has treated over 700,000 patients.

Negative

• None.

Bebtelovimab neutralizes Omicron, including subvariant BA.2, as demonstrated by pseudovirus and/or authentic virus data

VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced Eli Lilly and Company (Lilly) has entered into a purchase agreement with the U.S. government to supply up to 600,000 doses, for at least $720 million, of investigational drug bebtelovimab (LY-CoV1404), the second antibody developed through AbCellera’s collaboration with Lilly. The U.S. government will accept the doses of bebtelovimab if it is granted an Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration (FDA). Lilly has submitted a request for an EUA for bebtelovimab for the treatment of mild to moderate COVID-19 in certain high-risk patients to the FDA.

Details regarding Lilly's agreement to provide the U.S. government with up to 600,000 doses no later than March 31, 2022, with an option of 500,000 additional doses no later than July 31, 2022, can be found here.

Pseudovirus and authentic virus testing demonstrate that bebtelovimab retains full neutralizing activity against Omicron – currently the predominant variant in the U.S. In addition, pseudovirus testing with bebtelovimab demonstrates that it retains neutralization against all other known variants of interest and concern, including BA.2.

About AbCellera’s Response to COVID-19

AbCellera initially mobilized its pandemic response platform against COVID-19 in February of 2020, resulting in the discovery of bamlanivimab, the first monoclonal antibody therapy for COVID-19 to reach human testing and to be authorized for emergency use by the U.S. FDA. Bamlanivimab alone and together with other antibodies has treated at least 700,000 patients, preventing COVID-19-related hospitalizations and death.

AbCellera’s second monoclonal antibody for COVID-19, bebtelovimab, was developed to combat emerging variants. Pseudovirus and authentic virus testing confirmed bebtelovimab maintains binding and neutralizing activity across currently known and reported variants of concern. It is being studied for the treatment of mild to moderate COVID-19 both as a monotherapy and together with other antibodies.

AbCellera’s efforts to respond to the COVID-19 pandemic have identified thousands of unique anti-SARS-CoV-2 human antibodies. These include bamlanivimab, bebtelovimab, and other antibodies that are in various stages of testing by AbCellera and its partners.

Bamlanivimab and betelovimab were developed from antibodies that were discovered using AbCellera’s pandemic response platform, in partnership with the Vaccine Research Center (VRC) at the National Institutes for Allergy and Infectious Diseases (NIAID). AbCellera’s partner, Lilly, is responsible for development, manufacturing, and distribution of bamlanivimab and betelovimab.

AbCellera’s pandemic response capabilities were developed over the past four years as part of the Defense Advanced Research Projects Agency (DARPA) Pandemic Prevention Platform (P3) program. The goal of the P3 program is to establish a robust technology platform for pandemic response capable of developing field-ready medical countermeasures within 60 days of isolation of an unknown viral pathogen.

About AbCellera Biologics Inc.

AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development. For more information, please visit www.abcellera.com.

AbCellera Forward-looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Source: AbCellera Biologics Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220210006064/en/

Media: Jessica Yingling, Ph.D.; media@abcellera.com, +1(236)521-6774

Business Development: Neil Berkley; bd@abcellera.com, +1(604)559-9005

Investor Relations: Melanie Solomon; ir@abcellera.com, +1(778)729-9116

Source: AbCellera Biologics Inc.

FAQ

What is the significance of the bebtelovimab agreement for ABCL?

The agreement with Eli Lilly secures a purchase of up to 600,000 doses of bebtelovimab for at least $720 million, highlighting AbCellera's role in COVID-19 treatments.

When is bebtelovimab expected to be available?

The doses are to be delivered no later than March 31, 2022, contingent upon FDA approval.

How does bebtelovimab perform against COVID-19 variants?

Testing shows that bebtelovimab retains full neutralizing activity against the Omicron variant and other variants of concern.

What was AbCellera's response to COVID-19?

AbCellera initiated its pandemic response platform in February 2020, resulting in the development of two monoclonal antibodies, including bamlanivimab and bebtelovimab.