Benzinga | May 27, 2021 08:10AM EDT

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 (NASDAQ:VIR) and GlaxoSmithKline Plc (NYSE: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.