(Yicai Global) Feb. 18 -- Shares of Junshi Biosciences rose after the Chinese firm said that a Covid-19 antibody treatment it has licensed for Eli Lilly has gained the US drug regulator's emergency approval.

After climbing as much as 4.8 percent in Shanghai today, Junshi Biosciences [SHA: 688180] slid 2.2 percent in the afternoon. Its Hong Kong-listed stock [HKG: 1877] added 5.5 percent in the morning and fell back 2.8 percent in the afternoon.

The US Food and Drug Administration granted emergency authorization to Eli Lilly’s Covid-19 antibody cocktail which includes ingredients licensed by Junshi Biosciences, the Shanghai-based firm said in a statement yesterday.

In May 2020, the pair penned an agreement regarding the asset that the US firm will produce and sell outside China. Eli Lilly has already paid the first instalment of USD10 million to Junshi Biosciences, and up to USD245 million will follow when certain milestones are reached. Moreover, Junshi Biosciences will gain over 10 percent in sales commission abroad.

The combination of bamlanivimab and etesevimab will be used to treat mild to moderate Covid-19 patients aged 12 and older who are at high risk of developing severe symptoms, according to the Indianapolis-based company's statement on Feb. 9.

The American firm has already received emergency authorization for the drug duo in Italy.

Editor: Emmi Laine