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April 2, 2020, 9:34 a.m. EDT

Amgen, Adaptive Biotechnologies ink COVID-19 antibody development collaboration

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By Jaimy Lee

Shares of Amgen Inc. /zigman2/quotes/209157011/composite AMGN +1.22% gained 1.2% in trading on Thursday after the drugmaker announced that it is collaborating with Adaptive Biotechnologies Corp. /zigman2/quotes/212846591/composite ADPT +2.70% to discover and develop antibodies that can be used to prevent or treat COVID-19. Adaptive's stock was down 0.9%. Financial terms of the exclusive collaboration will be finalized "in the coming weeks," the companies said. "Working with Adaptive and using their viral-neutralizing antibody platform will expedite our ability to bring a promising new medicine into clinical trials as quickly as possible," Robert Bradway, Amgen's chairman and CEO, said in a statement. Year-to-date, Amgen's stock is down, shares of Adaptive have dropped 8%, and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.01% has tumbled 23%.

/zigman2/quotes/209157011/composite
US : U.S.: Nasdaq
$ 247.72
+2.98 +1.22%
Volume: 1.75M
July 23, 2021 4:00p
P/E Ratio
20.52
Dividend Yield
2.84%
Market Cap
$142.33 billion
Rev. per Employee
$1.04M
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/zigman2/quotes/212846591/composite
US : U.S.: Nasdaq
$ 38.73
+1.02 +2.70%
Volume: 424,308
July 23, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.43 billion
Rev. per Employee
$158,170
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/zigman2/quotes/210599714/realtime
US : S&P US
4,411.79
+44.31 +1.01%
Volume: 1.78B
July 23, 2021 5:16p
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