Vir Biotechnology (NASDAQ:VIR), Inc. has entered into a significant licensing agreement with Amunix Pharmaceuticals, Inc., a Sanofi (EPA:SASY) (NASDAQ:SNY) company, according to a recent SEC filing. The deal, finalized on Monday, grants Vir exclusive global rights to three of Sanofi's clinical-stage T-cell engagers and their protease-cleavable masking platform for oncology and infectious diseases, excluding ophthalmology.
The transaction includes an upfront payment of $100 million to Sanofi, along with a $75 million milestone payment contingent on the first human dosing of SAR446368 by 2026. Additional payments could total over $1.8 billion, including development, regulatory, and sales milestones, plus tiered royalties on sales.
This strategic move could potentially enhance Vir's portfolio in oncology and infectious disease therapeutics, though it is subject to regulatory approval under the Hart-Scott-Rodino Act. The full terms of the agreement will be disclosed in Vir's upcoming quarterly report.
In other recent news, Vir Biotechnology, Inc. has made significant strides in its development programs. The company has secured a Fast Track designation from the U.S. Food and Drug Administration (FDA) for its investigational drugs tobevibart and elebsiran, aimed at treating chronic hepatitis delta. This designation is expected to expedite the development and review process for these treatments.
Moreover, Vir Biotechnology has entered into a significant licensing agreement with Amunix Pharmaceuticals, Inc., a Sanofi company. This agreement grants Vir exclusive global rights to three of Sanofi's clinical-stage T-cell engagers and their protease-cleavable masking platform for oncology and infectious diseases.
On the financial front, Vir Biotechnology reported a decrease in Q1 2024 total revenues, dropping to $56.4 million from $63 million in the same quarter of the previous year. However, the company emphasized its strong balance sheet and financial guidance for the year.
Analyst firms Morgan Stanley (NYSE:MS) and Barclays (LON:BARC) have also shown confidence in the company. Morgan Stanley adjusted its price target for Vir Biotechnology upward to $15.00 from the previous $12.00, while Barclays maintained its Overweight rating and a $27.00 price target for the company.
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