Vir Shares Climb After Company Gets U.S. Influenza Preparedness Contract
October 04 2022 - 8:23AM
Dow Jones News
By Sabela Ojea
Shares of Vir Biotechnology Inc. on Tuesday rose 10% after the
clinical-stage immunology company said it secured a multi-year
contract from the U.S. government to develop solutions to address
influenza and potentially other infectious disease threats.
In premarket trading, the stock was at $22, up from its close of
$19.96 on Monday. The shares have fallen more than 52% this
year.
The contract could receive an investment of up to $1 billion,
Vir Biotechnology said.
The U.S. Government's Biomedical Advanced Research and
Development Authority, part of the U.S. Department of Health and
Human Services' Administration for Strategic Preparedness and
Response, will initially invest about $55 million in Vir
Biotechnology's investigational monoclonal antibody VIR-2482, the
company said.
Seasonal influenza has caused about 500,000 deaths a year
worldwide in past years, and 34,000 deaths in the U.S., Vir
Biotechnology said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 04, 2022 09:08 ET (13:08 GMT)
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