Shares of Vir Biotechnology Inc. VIR, -3.34% were up 12.8% in premarket trading on Wednesday after the company said it would expand its research agreement with GlaxoSmithKline GSK, -0.34% to include the flu and other respiratory diseases. As part of the deal, GSK will pay Vir $225 million upfront and will make an equity investment of $120 million in the biotech; it also has the option to develop one drug for $300 million, with the possibility of an additional $200 million in milestone payments. The companies had initially engaged in a deal in 2020 that is focused on studying treatments for coronaviruses, including SARS-CoV-2. One experimental COVID-19 treatment that the companies are already developing is VIR-7831, which is being tested in Phase 3 studies as a monotherapy and in a mid-stage trial as a combination therapy. Vir’s stock has soared 287.7% over the past 12 months, while the broader S&P 500 SPX, -0.06% is up 16.%.
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