GlaxoSmithKline Drops Research On Otilimab In COVID-19 - GSK (NYSE:GSK), Vir Biotechnology (NASDAQ:VIR)

GlaxoSmithKline Plc GSK, in its Q3 earnings release, revealed that it is stopping the development of otilimab in COVID-19 in patients who are at least 70 years old.
The Company decided because their already-approved monoclonal antibody Xevudy “plays an important role as a treatment for mild-to-moderate COVID-19 in high-risk adult and pediatric patients,” according to a company statement.
In February, GSK revealed that a single dose of otilimab failed to improve the likelihood of being alive and free of respiratory failure 28 days later in patients with severe COVID-19-related pulmonary disease.
While GSK is stopping work on COVID-19, it is continuing to study otilimab in rheumatoid arthritis.
A phase 3 clinical trial in the indication is scheduled to deliver data in 2H of 2022.
Xevudy (sotrovimab) is the anti-SARS-CoV-2 antibody GSK is developing with Vir Biotechnology Inc VIR.
Related: Vir Biotech Stock Jumps After FDA Emergency Use Approval COVID-19 Antibody Drug.
Price Action: GSK shares are up 0.39% at $40.34 during the market session on the last check Wednesday.