WXIBF - Vir slips as collaboration with WuXi for COVID-19 antibody drug ends

Vir Biotechnology (NASDAQ:VIR) announced on Friday that its Chinese partner WuXi Biologics (OTCPK:WXXWY) (OTCPK:WXIBF) ended its partnership for development and manufacturing for several of company’s antibody drugs including the COVID-19 antibody therapy sotrovimab. Per the terms of the 2020 deal, WuXi Bio (OTCPK:WXXWY) had agreed to develop, manufacture, and commercialize the treatments for countries including China. Sotrovimab is an FDA approved monoclonal antibody therapy developed by Vir (VIR) in partnership with British drugmaker, GlaxoSmithKline (GSK). Vir (VIR) and WuXi Bio (OTCPK:WXXWY) had entered into the termination agreement on May 19, terms of which includes a $7 million payment from Vir (VIR) to WuXi Bio (OTCPK:WXXWY) in recognition of its development activities in the region. In addition, the Chinese life sciences company is entitled to tiered royalties on net sales of sotrovimab in Greater China ranging from low single digits to low double digits.

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Vir slips as collaboration with WuXi for COVID-19 antibody drug ends