Key insights
- Vir Biotechnology's stock dropped 15% in premarket trading following the announcement of a $150 million public stock offering. The company plans to sell 15 million shares at $10 each, with an option for underwriters to purchase an additional 2.25 million shares. The offering aims to raise capital for the clinical-stage biopharmaceutical company, which focuses on developing treatments for infectious diseases and cancer.
Investing.com -- Vir Biotechnology Inc (NASDAQ: VIR) shares fell 15% in premarket trade Friday following the company's announcement of a $150 million public stock offering priced at $10 per share.
The clinical-stage biopharmaceutical company said it will sell 15 million shares of common stock in the underwritten public offering. Vir Biotechnology has also granted underwriters a 30-day option to purchase up to an additional 2.25 million shares at the public offering price, less underwriting discounts and commissions.
All shares in the offering are being sold by Vir Biotechnology, with gross proceeds expected to reach $150 million before deducting underwriting discounts, commissions and offering expenses. The offering is expected to close on November 16, 2026, subject to customary closing conditions.
Leerink Partners, Morgan Stanley and Evercore ISI are acting as bookrunners for the offering.
Vir Biotechnology focuses on developing medicines for serious infectious diseases and cancer. The company's clinical-stage portfolio includes programs for chronic hepatitis delta and multiple PRO-XTEN dual-masked T-cell engagers across validated targets in solid tumor indications. The company also maintains a portfolio of preclinical programs across various oncologic malignancies.
Original Article