VIR - Vir Biotech gains 12% as U.S. govt. inks multi-year deal worth up to $1B
- Vir Biotechnology ( NASDAQ: VIR ) added ~10% pre-market Tuesday after the company announced a multi-year contract worth up to $1B with the U.S. government to support research efforts on infectious diseases, including influenza.
- The Biomedical Advanced Research and Development Authority (BARDA), a unit of the U.S. Department of Health and Human Services (HHS), has awarded the contract.
- Per the terms, BARDA will initially invest $55M to develop VIR-2482, a monoclonal antibody for prophylaxis against seasonal and pandemic influenza. A Phase 2 pre-exposure prophylaxis trial is expected to start for VIR-2482 in H2 2022, with data anticipated in mid-2023.
- The remainder of the contract depends on the exercise of up to 12 options by BARDA to further advance pre-exposure prophylactic antibodies, including VIR-2482, targeted at influenza and other pathogens.
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Vir Biotech gains 12% as U.S. govt. inks multi-year deal worth up to $1B