GSK to partner with Vir for potential COVID-19 treatments, invest $250 mln


Reuters | London | Updated: 06-04-2020 17:59 IST | Created: 06-04-2020 17:32 IST
GSK to partner with Vir for potential COVID-19 treatments, invest $250 mln
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British drugmaker GlaxoSmithKline Plc will invest $250 million in Vir Biotechnology Inc and collaborate to develop potential treatments for COVID-19, the disease caused by the new coronavirus, the companies said on Monday. Drugmakers across the globe are rushing to develop a treatment or vaccine for the fast-spreading coronavirus that has killed over 68,400 people globally. There are currently no approved treatments for the disease.

The initial focus will be to accelerate the development of Vir's investigational treatments, VIR-7831, and VIR-7832, the companies said. The companies plan to directly start with a mid-stage trial within the next three to five months.

Experts have said it could take 12 months to 18 months to develop a coronavirus vaccine. The equity investment from GSK is priced at $37.73 per Vir share, a 10% premium to the stock's Friday close.

GSK has so far focused on providing adjuvants, efficacy boosters that play a vital role in many vaccines, as part of its efforts to find potential vaccines against the coronavirus. This is California-based Vir's second partnership with a major drugmaker for the development of a potential coronavirus treatment, having last month signed a letter of intent with Biogen Inc.

 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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