Vir Biotechnology shares surge on news Glaxo taking $250 million stake [MarketWatch]
GlaxoSmithKline PLC (GSK)
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Source: MarketWatch
U.K. pharmaceutical GlaxoSmithKline said it's making an equity investment in Vir Biotechnology as part of a collaboration to research and develop solutions for coronaviruses. The companies say they will use Vir's proprietary monoclonal antibody platform technology to accelerate existing and identify new anti-viral antibodies, use Glaxo's expertise in functional genomics and combine their capabilities in CRISPR screening and artificial intelligence. Terms call for Glaxo to make an equity investment in Vir of $250 million, priced at $37.73, a 10% premium to the closing share price on March 27. Vir shares surged 34% in premarket trade to $38.94.
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