By Michael Dabaie

Vir Biotechnology Inc. shares were up 10% to $37.06 in heavier-than-average volume.

Before the market open, the company said it signed a letter of intent to collaborate with Biogen Inc. on manufacturing of antibodies to potentially treat Covid-19.

Vir said that because of the urgency of the situation, the companies have begun work while a clinical development and manufacturing agreement is being negotiated.

Subject to the completion of a definitive agreement, Biogen would continue cell line development, process development, and clinical manufacturing activities in order to advance the development of Vir's proprietary antibodies.

Vir said it has identified monoclonal antibodies that bind to SARS-CoV-2, which were isolated from individuals who had survived a severe acute respiratory syndrome infection. The company said it is conducting research to determine if its antibodies, or additional antibodies that it may be able to identify, can be effective as treatment and prophylaxis against SARS-CoV-2.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

March 12, 2020 12:48 ET (16:48 GMT)

Excerpt from:
Vir Biotechnology Up; to Work With Biogen on Antibodies to Potentially Treat Covid-19 - Morningstar.com