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Top biopharma deal upfront Feb 2021

Biopharma Deal of the Month: Vir – GSK for VIR-2482 and mAbs for Influenza

Mar 10, 2021 | Deal of the Month, Partnership Deals

February 2021 Top Biopharma Deal Upfront
VIR and GSK Expanding VIR-2482 and mAb Development into Influenza

Highlighted Deal Financial Comps

Date Announced:

Feb. 17, 2021

Total Deal Value:

$845M

Upfront Cash:

$225M

Upfront Equity:

$120M

Option Payments:

$300M

Total Milestones:

$200M, regulatory

Royalties:

n/a

Cost & Profit Split:

n/d, possibly 50%

Deal Synopsis

The Asset:

Phase I VIR-2482, monoclonal antibodies, and small molecule programs for the prevention and treatment of influenza and other respiratory viruses

Deal Structure:

Research and Option to License

Partnership Features:

Co-Development, Options to additional products

Deal Details:

  • Vir Biotechnology signed a research partnership with GlaxoSmithKline granting it an exclusive option to co-develop and commercialize mAbs, including VIR-2482, and undisclosed small molecule programs for the prevention and treatment of influenza and other respiratory viruses.
  • The partners had already signed an agreement in April 2020 to develop VIR-2482 for COVID-19. Additionally, the companies are expanding their current functional genomics partnership to develop pancoronavirus therapeutics.
  • Vir and GSK are also expanding the deal to include other respiratory virus targets and are researching 3 neutralising mAbs over a 3-year research period by applying Vir’s antibody functional genomics technology platform to target non-influenza pathogens.
  • GSK has the exclusive option to co-develop VIR-2482 after Vir continues to fund, completes, and reports Phase II trial outcomes.
  • Vir Biotechnology will receive $225M up front and GSK will invest $120M in Vir’s common stock, adding to the equity share from the April deal. If GSK exercises its option to co-develop, Vir will receive a $300M option fee and is eligible to receive up to $200M in regulatory milestone payments. The partners will share development costs and profits.

Last Month:

This is our first in the monthly series of DeaForma’s Deal of the Month.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting dealforma.com to schedule your personalized demo.

21,135

Licensing Deals

21,479

Funding Rounds

4,145

M&A

34,717

Company Profiles

5,766

Other Deals

26,805

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