FDA grants emergency use approval for Eli Lilly Covid-19 treatment

America's top health regulator has granted emergency use authorisation for Eli Lilly's Covid-19 antibody treatment.

The so-called 'Emergency Use Authorisation' from the Food and Drug Administration applies to those suffering from mild to moderate infections and extends to those aged over 65 and pediatric patients.

Early findings have found the treatment to be effective in keeping people's symptoms at bay and the ill out of the hospital.

According to the manufacturer, in order for the treatment known as bamlanivimab to be effective, it must be administered as quickly as possible after an infection and within 10 days from the onset of symptoms.

Under the terms of the agreements, the US government will pay $375m for 300,000 vials of the monotherapy antibody treatment in the first two months following receipt of the regulatory 'go ahead'.

The government has an option to purchase as many as 650,000 vials through the following June for as much as $812.5m.

Eli Lilly will pursue approval of another treatment, involving a so-called cocktail of two antibodies, starting in November with the aim of clinching full approval in the second quarter of 2021.

As of 1126 GMT, shares of Eli Lilly were up 3.56% to $147.4.