Regeneron Pharmaceuticals (NSDQ REGN) plans to develop antibodies that hold up to the Omicron SARS-CoV-2 variant. Lab results from German researchers indicate that the company’s REGEN-COV/Ronapreve (casirivimab and imdevimab) antibody cocktail lost potency against the variant.
REGN shares fell almost 4% to $631.74 today.
“Our antibody cocktail works against Delta. Delta is still surging,” said Dr. Len Schleifer, CEO of Regeneron, in an interview with CNBC. “But if Omicron starts to surge, we need antibodies that work against Omicron.”
The company has a “whole host” of antibodies in its pipeline that could work against Omicron and Delta.
WHO has reported that Omicron is spreading faster than earlier strains when they first emerged.
The variant makes up roughly 3% of U.S. cases at present.