(Bloomberg) -- Beyond Meat Inc. sharply reversed earlier losses on Monday after announcing that it collaborated with fast-food giant McDonald's Corp. on the new patty for its McPlant line.
Beyond Meat surged as much as 8.9%. The companies co-created the plant-based patty, which will be available as part of the McPlant platform, Beyond Meat said. McDonald's declined to comment on its suppliers when asked about the Beyond Meat news.
Earlier, McDonald's officials said they were developing their own plant-based meat product, without naming any partners. Beyond Meat plunged earlier after McDonald's officials said they were developing their own plant-based meat product, without naming any partners. Reuters reported the partnership Monday.
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