GlaxoSmithKline and Vir Biotechnology Jump in Race to Treat and Prevent COVID-19
GlaxoSmithKline (NYSE: GSK) and Vir Biotechnology (NASDAQ: VIR) are collaborating to develop multiple drugs and vaccines to treat and prevent COVID-19, the disease caused by the new coronavirus. The news drove shares of Vir up 30% at 1:39 ET on Monday, substantially higher than the 5% or so that the broader markets are up. GlaxoSmithKline, which is substantially larger and won't benefit as much from the potential new products, is up just 2%.
The collaboration will take several approaches to develop the drugs. The most advanced are two antibodies, VIR-7831 and VIR-7832, developed by Vir to treat severe acute respiratory syndrome (SARS), which is also caused by a coronavirus. The antibodies were developed from a patient who recovered from SARS. The companies plan to start a phase 2 clinical trial within the next three to five months.
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Source Fool.com
