Vir Shares Climb After Company Gets U.S. Influenza Preparedness Contract

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 [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

October 04, 2022 09:08 ET (13:08 GMT)

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