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Vir Biotechnology Stock Sinks 11% as FDA Suspends the Use of Sotrovimab Against COVID-19

Published 04/05/2022, 05:37 PM
Updated 04/05/2022, 06:09 PM
© Reuters. Vir Biotechnology (VIR) Stock Sinks 11% as FDA Suspends the Use of Sotrovimab Against COVID-19
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Vir Biotechnology, Inc. (NASDAQ:VIR) shares closed more than 11% lower today following the FDA's announcement that Sotrovimab is no longer authorized to treat COVID-19 in any U.S. state or territory.

The Centers for Disease Control and Prevention (CDC) Nowcast data from April 5, 2022, shows that the authorized dose of Sotrovimab is unlikely to be effective against the Omicron BA.2 sub-variant. The sub-variant now represents more than 50% of all COVID-19 cases.

As a result of the news, Vir and partner GlaxoSmithKline (NYSE:GSK) said they are preparing a package of data in support of a higher dose of Sotrovimab for the Omicron BA.2 subvariant and are sharing these data with regulatory and health authorities around the world for discussion.

Vir continues to expect to recognize approximately $1.1 billion of Sotrovimab collaboration revenues when Sotrovimab doses are delivered in the first half of 2022.

By Davit Kirakosyan

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