Vir Bio’s IPO Brings In $143M for Tests of Hepatitis B Drug and More
Summary
The San Francisco firm offered 7.1 million shares priced at $20 each, which was the low end of the $20 to $22 range that it had planned. Vir shares are expected to start trading later today on the Nasdaq exchange under the stock symbol “VIR.” IPO activity has been robust this year, particularly in healthcare. Backed by investors that ranged from venture capital firms to the Bill & Melinda Gates Foundation, Vir assembled its drug pipeline through acquisitions and partnerships with more established pharmaceutical companies. It’s currently in Phase 1/2 testing; Vir says it plans to use the IPO cash to complete the study and pay for manufacturing. Vir says in its IPO filling that preliminary Phase 1/2 results showed reductions in the protein on the surface of the virus whose presence indicates that a person is infectious.
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