US Government Agrees To Purchase GSK-Vir Biotech's COVID-19 Antibody Doses Worth $1B
The United States government has signed contracts worth about billion to secure the antibody-based COVID-19 treatment developed by GlaxoSmithKline plc (NYSE: GSK) and Vir Biotechnology Inc (NASDAQ: VIR).
GSK said the deal brought the total number of doses secured for the treatment, sotrovimab, to more than 750,000 globally.
The U.S. deliveries of sotrovimab are expected by December 17, and the government will also have an option to buy more doses through March 2022, GSK and Vir said in their joint statement.
Related Link: GSK, Vir's Intramuscularly-Administered Sotrovimab Shows Efficacy At Par With IV Route In COVID-19.
Sotrovimab is authorized for emergency use in the U.S. to prevent mild or moderate cases of COVID-19 from worsening.
The European Medicines Agency has given its go-ahead for use by member states, although EU-wide approval is still pending.
The treatment has been shown to cut the risk of hospitalization or death by 79%.
Price Action: VIR stock is up 5.09% at $35.12, while GSK shares are up 0.05% at $42.47 during the market session on the last check Wednesday.
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