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(NASDAQ:REGN) Shares up 17% After Strategic Antibody Collaboration
Shares Up
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Rockwell Automation (NYSE:ROK) rose 17.03% to $18.49 after sanofi-aventis and Regeneron Pharmaceuticals, Inc. announced that they have entered into agreements to expand and extend their existing global collaboration to discover, develop, and commercialize fully-human therapeutic monoclonal antibodies. Sanofi-aventis will increase its annual funding commitment from $100 million to $160 million beginning in 2010, and the research funding will now extend through 2017. The companies aim to advance an average of four to five antibodies into clinical development each year. In addition to its VelocImmune technology, Regeneron will contribute to the collaboration its next generation technologies related to antibody generation.
Regeneron Pharmaceuticals, Inc. (Regeneron) is a biopharmaceutical company that discovers, develops and commercializes pharmaceutical products for the treatment of serious medical conditions.
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