Vir Biotech Stock Jumps After FDA Emergency Use Approval COVID-19 Antibody Drug

The FDA has given an emergency use authorization (EUA) to COVID-19 antibody treatment developed by Vir Biotechnology Inc VIR and GlaxoSmithKline Plc GSK for treating mild-to-moderate COVID-19 in people aged 12 years and older.
The EUA comes after Vir’s antibody proved 85% effective at preventing hospitalization in high-risk, newly diagnosed COVID-19 patients.
The antibody, Sotrovimab, is not authorized for hospitalized patients due to COVID-19 or require oxygen therapy.
The antibody treatment will be available for COVID-19 patients in the coming weeks, GSK and Vir said, adding that they plan to submit a marketing application to the FDA in the second half of 2021.
Last week, the European Union’s CHMP backed the use of Sotrovimab for COVID-19 patients who were at risk of severe disease and did not need supplemental oxygen.
Price Action: VIR shares are up 9.27% at $50, while GSK shares are down 0.67% at $38.45 during the premarket session on the last check Thursday.