By Matteo Castia

GlaxoSmithKline PLC said Monday that it will invest $250 million in Vir Biotechnology Inc. as part of their new partnership to research and develop solutions for the treatment of coronaviruses, including the one that causes Covid-19.

The British pharma group said the collaboration will use Vir's proprietary monoclonal antibody platform technology to accelerate existing and identify new anti-viral antibodies that could be used to treat coronaviruses, while GlaxoSmithKline will provide expertise in functional genomics.

GlaxoSmithKline said that to gain access to Vir's technology, it will buy Vir's shares at $37.73, a 10% premium to the closing share price on Friday.

GlaxoSmithKline shares at 1315 GMT were up 3.2 pence, or 0.2%, at 1,492.6 pence.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

April 06, 2020 08:34 ET (12:34 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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