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Vir Biotechnology (VIR) Stock Sinks 11% as FDA Suspends the Use of Sotrovimab Against COVID-19 -Breaking

by Mike Robinson

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© Reuters. Vir Biotechnology (VIR Stock Falls 11% After FDA Stops Use of Sotrovimab Against the COVID-19

Vir Biotechnology, Inc., (NASDAQ:), shares were more than 11 percent lower after Sotrovimab’s FDA announcement. The FDA has revoked Sotrovimab’s authorization to treat COVID-19 within any U.S. territory or state.

According to the Centers for Disease Control and Prevention, the CDC’s Nowcast data for April 5, 2022 shows that sotrovimab at the approved dose is not likely to work against Omicron BA.2 Sub-variant. This sub-variant is now responsible for more than half of all COVID-19 patients.

Vir and GlaxoSmithKline (NYSE) announced that the news made them aware of a new package of data supporting a higher dosage of sotrovimab in the Omicron BA.2 Subvariant. They are now sharing this data with health and regulatory authorities worldwide for discussions.

Vir expects to continue to earn approximately $1.1 million in sotrovimab partnership revenues, when the first quarter of 2022 sees sotrovimab dosages being delivered.

By Davit Kirakosyan

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