Vir Shares Rally 25% on Cancer Licensing Deal With Sanofi, Trial Updates

Dow Jones11-02

By Jasmine Li

Shares of Vir Biotechnology surged after the company provided updates on its pipeline of potential treatments for hepatitis and cancer.

The stock rose 25% to $9.34 in midday trading on Friday. Shares are down 8.5% this year.

After the market closed on Thursday Vir reported lower revenue and a wider loss in the third quarter, citing higher research and development expenses from the closing its licensing deal with Sanofi.

The deal gives Vir the exclusive worldwide license to three T-cell engager programs with potential applications in a range of cancers, the company said. Vir also gained exclusive use of a proprietary masking platform for oncology and infectious disease.

Vir said it will present additional data from its chronic hepatitis trials in November, and plans to share further data assessing a potential functional cure in the second quarter.

The San Francisco company also said it plans to release initial clinical data for VIR-5500, a treatment designed to minimize off-tumor toxicity in the first quarter.

Write to Jasmine Li at jasmine.li@wsj.com

(END) Dow Jones Newswires

November 01, 2024 15:05 ET (19:05 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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