Stock Alert: Vir Biotechnology Up 24% On New Collaboration For Conronavirus Drug

(RTTNews) - Shares of Vir Biotechnology (VIR) jumped 24% on Wednesday morning after the clinical-stage immunology company said it has partnered with WuXi Biologics to develop and produce antibodies to treat coronavirus. WuXi Biologics will be responsible for cell-line development, process and formulation development and early production for clinical development. If the antibodies obtain regulatory approvals, WuXi Biologics holds the commercialization rights in China, while Vir has the rights in all the remaining global markets. Last week, the company had announced that it identified two monoclonal antibodies that bind the coronavirus causing the current outbreak, SARS-Cov-2.

The fear of a global coronavirus outbreak continues to mount as the outbreak continues to spread across the globe. Coronavirus-related deaths have risen to 2,715 on Tuesday, while the number of confirmed cases in mainland China hit 78,064, including 406 new cases.

VIR is currently trading at $26.83, up $5.10 or 23.46%, on Nasdaq. The stock has gained nearly 30% in last one month.