GlaxoSmithKline teams with Vir Biotechnology to develop coronavirus vaccine, treatments

GlaxoSmithKline and Vir Biotechnology Inc. said Monday they have signed a binding coronavirus research and development agreement. As part of the agreement, GlaxoSmithKline (NYSE: GSK) will invest $250 million in Vir (NASDAQ: VIR). GlaxoSmithKline, based in London, has large operations in Philadelphia and Montgomery County. Vir is based in San Francisco. Shares in Vir jumped almost 27% to close at $36.70 Monday. GSK's stock price finished up 2% to $37.91. The collaboration will seek to use Vir’s proprietary monoclonal antibody platform technology to accelerate the development of existing anti-viral antibodies, and to identify new ones, that could be used as a vaccine or therapy to help address the COVID-19 pandemic and future outbreaks.