Eli Lilly (LLY) and Regeneron Pharmaceuticals (REGN) are among the first seven companies selected by the U.S. Food and Drug Administration for a pilot program aimed at accelerating reviews of new domestic manufacturing facilities, CNBC reported Monday, citing FDA spokesperson Benjamin Nichols.

The other participants in the FDA's PreCheck pilot program are Amneal Pharmaceuticals (AMRX), Cellares, Fujifilm Biotechnologies, Kriya Therapeutics and Kyowa Kirin, the report said.

The program allows regulators to begin reviewing new manufacturing facilities while they are still under construction, which the agency estimates could save companies up to 14 months, according to the report.

Eli Lilly, Regeneron and FDA did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 1228.24, Change: +20.12, Percent Change: +1.67