Vir Prices $150 Million Offering of 15 Million Shares at $10 Each

Key Facts

Vir Biotechnology said on November 12 that it had priced an underwritten public offering of 15 million shares at $10 per share, for expected gross proceeds of $150 million before discounts, commissions and offering expenses, according to the company. Vir will sell all of the offered shares itself, meaning the issuance will add shares to its existing share capital and provide the company with new funding. The pricing comes as the company says its cash resources are sufficient to fund its operating plans through the second half of 2028. Vir said net proceeds, together with its existing resources, will fund pre-commercialization activities for its chronic hepatitis delta program and investment in its oncology platform and T cell programs, as well as general corporate purposes. The offering is expected to close on November 16, subject to customary closing conditions.

The company set the offering price at $10 per share, compared with a regular-session close of $12.12 on November 12, down 7.69% for the day, according to Investing.com data. The page showed an after-hours price of $11, down 9.24% in the displayed reading. Those prices put the market signal in the same session in which the company announced the financing terms, while the offering price remains below the regular-session close. The offering comprises 15 million shares, with the underwriters having a 30-day option to buy up to an additional 2.25 million shares. If exercised in full, the option would increase the number of shares sold by the number of additional shares it covers, but the company did not include a potential final amount from the option in its statement.

Link Partners, Morgan Stanley and Evercore ISI are acting as joint book-running managers, while Raymond James is acting as co-manager, according to Vir. The new financing follows a follow-on offering the company completed in February 2026, when it issued 20,294,117 shares at $8.50 per share. Net proceeds from that offering totaled about $162.2 million after deducting about $10.3 million in discounts, commissions and offering expenses, according to the company's quarterly report. The basis of comparison differs between the two offerings: the November figure of $150 million is expected gross proceeds before deductions, while the February figure is net of costs. The two figures alone therefore do not reveal the net funding Vir will retain from the new transaction.

Vir had about $901.3 million in cash, cash equivalents and investments as of September 30, according to the prospectus supplement, excluding $90 million the company received in October from a previously announced collaboration. Vir estimated that its cash resources, under its current operating plan, would be sufficient to fund its plans through the second half of 2028. The $901.3 million figure is as of the end of September, while the subsequent collaboration payment was disclosed separately. The supplement also showed that 169,414,129 shares were outstanding as of September 30. It further disclosed the issuance of 1,765,486 shares to Gilead Sciences in October under a stock purchase agreement, an issuance subsequent to the September 30 share-count measurement date.

The company said its allocation of net proceeds among its programs may change depending on clinical study progress, business development opportunities, partnerships, licensing and sales, and strategic decisions. The prospectus supplement said the funds will support pre-commercialization activities for its chronic hepatitis delta treatment program, investments in its oncology platform and T cell programs, as well as general corporate purposes. The company did not specify a numerical allocation of proceeds among these uses. According to the disclosure, the offering combines funding for development programs with the company's general needs, while its stated liquidity runway through the second half of 2028 remains based on its current estimate. The transaction is expected to close on November 16, with the underwriters' option to purchase additional shares remaining in effect for 30 days under the announced terms.