VIR - Vir data finds that sotrovimab effective against COVID variant Omicron; shares up 4%

Preclinical data from Vir Biotechnology (NASDAQ:VIR) on sotrovimab found that its has neutralizing activity against the Omicron variant of COVID-19 in an in vitro model. The data, published in BioRxiv, also found that sotrovimab, which is being developed with GlaxoSmithKline (NYSE:GSK) was effective against other COVID-19 variants, including Delta, Delta Plus, and Mu. However, the results have yet to be peer reviewed. Shares are up 4% premarket. Cowen's Phil Nadeau found the data promising given that the "results suggest that the only clinical-stage Covid antibodies that don’t lose potency are sotrovimab and VIR-7832, implying sotrovimab’s share could increase meaningfully should omicron become predominant." He estimates the monoclonal antibody will account for $800M in revenue to Vir next year. In May, the European Medicines Agency issued a positive scientific opinion on sotrovimab.

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Vir data finds that sotrovimab effective against COVID variant Omicron; shares up 4%