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Shares of Vir Biotechnology (NASDAQ: VIR) jumped 12% on Wednesday after the company shared promising data for its COVID-19 antibody treatment.
Vir said that sotrovimab, the investigational monoclonal antibody treatment it developed with healthcare giant GlaxoSmithKline (NYSE: GSK) , retained its effectiveness against the worrisome omicron variant in a preclinical study.
The news comes at a time when the ability of existing COVID-19 vaccines to ward off infection has waned as omicron has spread rapidly across the world.