By Matteo Castia

AstraZeneca PLC said Monday that it has received $486 million from the U.S. government to support the development and supply of its long-acting antibody combination AZD7442 for the prevention of Covid-19.

The pharmaceutical giant said AZD7442 will advance into Phase 3 clinical trials with more than 6,000 new participants in the coming weeks. The trial aims to demonstrate AZD7442's ability to prevent Covid-19 for up to 12 months after a single administration, it added.

Under the terms of the deal, AstraZeneca will supply up to 100,000 doses at the end of the year, with an option for the U.S. government to buy up to an additional million units next year under a separate agreement.

The company said it has received the $486 million under an agreement with the Biomedical Advanced Research and Development Authority, which is part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, and the Department of Defense Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

October 12, 2020 02:33 ET (06:33 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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