Brii Biosciences Exercises Option For Vir Biotechnology's Hepatitis B Antibody In Greater China - Vir Biotechnology (NASDAQ:VIR)

China-based biotechnology company Brii Biosciences Limited exercised its option to acquire exclusive development and commercialization rights for VIR-3434 in Greater China as part of its broader collaboration with Vir Biotechnology Inc VIR
VIR-3434, also known as BRII-877, is a broadly neutralizing monoclonal antibody targeting HBV in Phase 2 development. This is Brii Bio's second option exercise for a Vir infectious disease program, with two remaining options still available to the company.
Under the terms of the agreement, following the exercise of the option for VIR-3434 (BRII-877), Brii Bio will pay an option exercise fee, regulatory and commercial milestone payments, and tiered royalty payments based on net sales with royalty rates from mid-teens to mid-twenties.
In May 2018, the companies entered into a collaboration under which Brii Bio was granted the option to acquire exclusive rights to certain Vir programs in Greater China.
In June 2020, Brii Bio exercised its option to acquire the exclusive rights to further develop and commercialize BRII-835 (VIR-2218) in Greater China.
Price Action: VIR shares closed higher by 1.57% at $25.87 on Friday.