Shares of iBio (NYSEMKT: IBIO) climbed on Friday after the biologics manufacturer announced an exclusive global license agreement with Planet Biotechnology for the development of its experimental COVID-19 therapy. As of 1:25 p.m. EDT, iBio's stock was up 5% after rising as much as 18.5% earlier in the day.
Planet Biotechnology's COVID-19 therapeutic candidate, labeled ACE2-Fc, is designed to have benefits similar to traditional neutralizing antibodies while reducing the likelihood of "viral escape" -- the ability of a virus to dodge a person's immune system. Planet Biotechnology said ACE2-Fc blocked SARS-CoV-2 -- the virus that causes COVID-19 -- from infecting Vero E6 cells during in vitro studies.
iBio stock rose on news of a coronavirus therapy licensing deal. Image source: Getty Images.
Source Fool.com