{"success":true,"data":{"pressRelease":{"id":"168927","rtpr_id":"nBw2gCYJ6a-20261014","ticker":"VIR","exchange":"NASDAQ","all_tickers":["VIR"],"title":"Vir Biotechnology Enters Multi-Program Collaboration and License Agreement with Gilead Sciences to Discover and Develop Novel PRO-XTEN® Dual-masked T-cell Engagers for Solid Tumors","author":"Business Wire","published_at":"2026-10-14T12:30:00.377Z","article_body":"Vir Biotechnology Enters Multi-Program Collaboration and License Agreement\nwith Gilead Sciences to Discover and Develop Novel PRO-XTEN(®) Dual-masked\nT-cell Engagers for Solid Tumors\n\n- Collaboration combines Vir Biotechnology’s T-cell engager discovery,\nAI-enabled protein engineering and clinically-validated PRO-XTEN(®) masking\ntechnology with Gilead’s oncology development and commercialization\nexpertise\n\n- This is the Company’s second collaboration building on the universal\nPRO-XTEN(®) masking technology\n\nVir Biotechnology, Inc. (Nasdaq: VIR), today announced a collaboration and\nlicense agreement with Gilead to discover and engineer three novel PRO-XTEN(®\n)dual-masked T-cell engager (TCE) development candidates targeting selected\nsolid tumor-associated antigens. Gilead will have an exclusive license to\ndevelop and commercialize the novel TCEs.\n\nThrough this collaboration, Vir Biotechnology will apply its deep expertise in\nTCE discovery and protein engineering, its proprietary dAIsY™ (data AI\nstructure and antibodY) platform for rapid, multiparameter optimization of\nhigh-quality TCEs and the universal PRO-XTEN(® )masking technology to develop\nnext-generation TCEs, each with potent anti-tumor activity and a wide\ntherapeutic index across solid tumor targets addressing areas of high unmet\nneed.\n\n“We believe TCEs have a powerful role to play in the future of immunotherapy\nto treat cancer. This collaboration with Gilead provides an opportunity to\ngenerate multiple differentiated candidates aimed at difficult-to-address\nsolid tumors and to expand the potential impact of our science, while also\nadvancing our own clinical oncology portfolio,” said Marianne De Backer,\nPresident and Chief Executive Officer of Vir Biotechnology. “This\ntransaction provides further external validation of Vir Biotechnology’s\nintegrated discovery capabilities and the broad potential of the PRO-XTEN(®)\nplatform.”\n\n“We look forward to combining Gilead’s established and growing oncology\ncapabilities, including our extensive development expertise and focus on\nnext-generation immunotherapies, with Vir Biotechnology’s innovative\ndiscovery capabilities,” stated Flavius Martin, MD, Executive Vice\nPresident, Research, Gilead Sciences. “Together with Vir Biotechnology, we\nseek to bring meaningful innovative therapeutics to patients.”\n\nUnder the terms of the agreement, Vir Biotechnology will be responsible for\ndiscovery, design and optimization of three novel PRO-XTEN(®) dual-masked TCE\ndevelopment candidates targeting selected solid tumor-associated antigens.\nGilead will have an exclusive license to nominate and advance candidates\ngenerated under the collaboration and will be responsible for subsequent\ndevelopment, manufacturing and commercialization activities. Vir Biotechnology\nwill be eligible to receive up to $135 million in total upfront and near-term\npreclinical milestone payments, consisting of $90 million in upfront\nconsideration, which includes $65 million in cash and a $25 million equity\ninvestment at a 30% premium, and up to $45 million in potential near-term\npreclinical milestones. In addition, Vir Biotechnology has the potential to\nreceive up to $1.74 billion in further development, regulatory and commercial\nmilestones, along with tiered high single-digit to low double-digit royalties\non net sales.\n\nAbout Vir Biotechnology\n\nVir Biotechnology, Inc. is a clinical-stage biopharmaceutical company focused\non powering the immune system to transform lives by discovering and developing\nmedicines for serious infectious diseases and cancer. Its clinical-stage\nportfolio includes programs for chronic hepatitis delta and multiple\nPRO-XTEN(®) dual-masked T-cell engagers across validated targets in solid\ntumor indications. Vir Biotechnology also has a preclinical portfolio of\nprograms across a range of oncologic malignancies. Vir Biotechnology routinely\nposts information that may be important to investors on its website.\n\nAbout PRO-XTEN(®) Dual-masked T-cell Engagers (TCEs)\n\nT-cell engagers (TCEs) are powerful anti-tumor agents designed to direct the\nimmune system, specifically T-cells, to destroy cancer cells. TCEs have become\nan important treatment option for blood cancers, but their usage in solid\ntumors has been limited due to toxicity. The universal PRO-XTEN(®) masking\ntechnology is designed to extend the half-life of the molecule and to keep\nTCEs inactive (or masked) until they reach the tumor microenvironment, where\ntumor-specific proteases cleave off the mask and activate the TCEs, leading to\nkilling of cancer cells by T-cells. By extending the half-life and confining\nactivity to the tumor microenvironment, the PRO-XTEN(®) technology could\nlimit toxicity, widen the therapeutic index of TCEs, and potentially enable\nless frequent dosing regimens.\n\nForward-looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Words such as \"should,\"\n\"could,\" \"may,\" \"might,\" \"will,\" \"plan,\" \"potential,\" \"aim,\" \"expect,\"\n\"anticipate,\" \"promising\" and similar expressions (as well as other words or\nexpressions referencing future events, conditions or circumstances) are\nintended to identify forward-looking statements. Forward-looking statements\ncontained in this press release include, but are not limited to, statements\nregarding: the therapeutic potential of TCEs and Vir Biotechnology's belief\nthat TCEs have a powerful role to play in the future of immunotherapy and to\ntreat cancer; the potential for the collaboration to generate multiple\ndifferentiated therapeutic candidates and to expand the reach of the\nPRO-XTEN(®) platform, as well as advance Vir Biotechnology’s oncology\nportfolio; Vir Biotechnology's immediate and potential future financial and\nother obligations under the agreement and collaboration with Gilead, as well\nas Vir Biotechnology's ability to realize the benefits (including future\nmilestone payments and royalties); Vir Biotechnology's strategy and plans; and\nany assumptions underlying any of the foregoing. Many factors may cause\ndifferences between current expectations and actual results, including,\nwithout limitation: unexpected data or results observed during preclinical or\nfuture clinical studies or in data readouts; risks of unexpected costs, delays\nor other unexpected hurdles; difficulties in collaborating with other\ncompanies, some of whom may be competitors of Vir Biotechnology or otherwise\nhave divergent interests, and uncertainty as to whether the benefits of Vir\nBiotechnology's various collaborations can ultimately be achieved; challenges\nin accessing manufacturing capacity; the timing and outcome of Vir\nBiotechnology's or a collaborator’s planned interactions with regulatory\nauthorities, as well as general difficulties in obtaining any necessary\nregulatory approvals; successful development and/or commercialization of\nalternative product candidates by Vir Biotechnology's competitors, as well as\nchanges in expected or existing competition; geopolitical changes or other\nexternal factors; and unexpected litigation or other disputes. In light of\nthese risks and uncertainties, the events or circumstances referred to in the\nforward-looking statements may not occur. Drug development and\ncommercialization involve a high degree of risk, and only a small number of\nresearch and development programs result in commercialization of a product.\nResults in early-stage clinical studies may not be indicative of full results\nor results from later stage or larger scale clinical studies and do not ensure\nregulatory approval. The actual results may vary from the anticipated results,\nand the variations may be material. You are cautioned not to place undue\nreliance on any scientific data presented or these forward-looking statements,\nwhich are based on Vir Biotechnology's available information, expectations and\nassumptions as of the date of this press release. Other factors that may cause\nVir Biotechnology's actual results to differ from those expressed or implied\nin the forward-looking statements in this press release are discussed in Vir\nBiotechnology's filings with the U.S. Securities and Exchange Commission,\nincluding the section titled \"Risk Factors\" contained therein. Except as\nrequired by law, Vir Biotechnology assumes no obligation to update any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise.\n\nVir Biotechnology has exclusive rights to the PRO-XTEN(®) masking platform\nfor oncology and infectious disease. PRO-XTEN(®) is a trademark of Amunix\nPharmaceuticals, Inc., a Sanofi company.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261014783426/en/\n(https://www.businesswire.com/news/home/20261014783426/en/)\n\nMedia Contact \n\nCaren Scannell\n\nDirector, Communications\n\ncscannell@vir.bio (mailto:cscannell@vir.bio)\n\nInvestor Contact \n\nKiki Patel, PharmD\n\nHead of Investor Relations\n\nkpatel@vir.bio (mailto:kpatel@vir.bio)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw2gCYJ6a-20261014","title":"Vir Biotechnology Enters Multi-Program Collaboration and License Agreement with Gilead Sciences to Discover and Develop Novel PRO-XTEN® Dual-masked T-cell Engagers for Solid Tumors","author":"Business Wire","ticker":"VIR","created":"2026-10-14T12:30:00.377Z","tickers":["VIR"],"exchange":"NASDAQ","article_body":"Vir Biotechnology Enters Multi-Program Collaboration and License Agreement\nwith Gilead Sciences to Discover and Develop Novel PRO-XTEN(®) Dual-masked\nT-cell Engagers for Solid Tumors\n\n- Collaboration combines Vir Biotechnology’s T-cell engager discovery,\nAI-enabled protein engineering and clinically-validated PRO-XTEN(®) masking\ntechnology with Gilead’s oncology development and commercialization\nexpertise\n\n- This is the Company’s second collaboration building on the universal\nPRO-XTEN(®) masking technology\n\nVir Biotechnology, Inc. (Nasdaq: VIR), today announced a collaboration and\nlicense agreement with Gilead to discover and engineer three novel PRO-XTEN(®\n)dual-masked T-cell engager (TCE) development candidates targeting selected\nsolid tumor-associated antigens. Gilead will have an exclusive license to\ndevelop and commercialize the novel TCEs.\n\nThrough this collaboration, Vir Biotechnology will apply its deep expertise in\nTCE discovery and protein engineering, its proprietary dAIsY™ (data AI\nstructure and antibodY) platform for rapid, multiparameter optimization of\nhigh-quality TCEs and the universal PRO-XTEN(® )masking technology to develop\nnext-generation TCEs, each with potent anti-tumor activity and a wide\ntherapeutic index across solid tumor targets addressing areas of high unmet\nneed.\n\n“We believe TCEs have a powerful role to play in the future of immunotherapy\nto treat cancer. This collaboration with Gilead provides an opportunity to\ngenerate multiple differentiated candidates aimed at difficult-to-address\nsolid tumors and to expand the potential impact of our science, while also\nadvancing our own clinical oncology portfolio,” said Marianne De Backer,\nPresident and Chief Executive Officer of Vir Biotechnology. “This\ntransaction provides further external validation of Vir Biotechnology’s\nintegrated discovery capabilities and the broad potential of the PRO-XTEN(®)\nplatform.”\n\n“We look forward to combining Gilead’s established and growing oncology\ncapabilities, including our extensive development expertise and focus on\nnext-generation immunotherapies, with Vir Biotechnology’s innovative\ndiscovery capabilities,” stated Flavius Martin, MD, Executive Vice\nPresident, Research, Gilead Sciences. “Together with Vir Biotechnology, we\nseek to bring meaningful innovative therapeutics to patients.”\n\nUnder the terms of the agreement, Vir Biotechnology will be responsible for\ndiscovery, design and optimization of three novel PRO-XTEN(®) dual-masked TCE\ndevelopment candidates targeting selected solid tumor-associated antigens.\nGilead will have an exclusive license to nominate and advance candidates\ngenerated under the collaboration and will be responsible for subsequent\ndevelopment, manufacturing and commercialization activities. Vir Biotechnology\nwill be eligible to receive up to $135 million in total upfront and near-term\npreclinical milestone payments, consisting of $90 million in upfront\nconsideration, which includes $65 million in cash and a $25 million equity\ninvestment at a 30% premium, and up to $45 million in potential near-term\npreclinical milestones. In addition, Vir Biotechnology has the potential to\nreceive up to $1.74 billion in further development, regulatory and commercial\nmilestones, along with tiered high single-digit to low double-digit royalties\non net sales.\n\nAbout Vir Biotechnology\n\nVir Biotechnology, Inc. is a clinical-stage biopharmaceutical company focused\non powering the immune system to transform lives by discovering and developing\nmedicines for serious infectious diseases and cancer. Its clinical-stage\nportfolio includes programs for chronic hepatitis delta and multiple\nPRO-XTEN(®) dual-masked T-cell engagers across validated targets in solid\ntumor indications. Vir Biotechnology also has a preclinical portfolio of\nprograms across a range of oncologic malignancies. Vir Biotechnology routinely\nposts information that may be important to investors on its website.\n\nAbout PRO-XTEN(®) Dual-masked T-cell Engagers (TCEs)\n\nT-cell engagers (TCEs) are powerful anti-tumor agents designed to direct the\nimmune system, specifically T-cells, to destroy cancer cells. TCEs have become\nan important treatment option for blood cancers, but their usage in solid\ntumors has been limited due to toxicity. The universal PRO-XTEN(®) masking\ntechnology is designed to extend the half-life of the molecule and to keep\nTCEs inactive (or masked) until they reach the tumor microenvironment, where\ntumor-specific proteases cleave off the mask and activate the TCEs, leading to\nkilling of cancer cells by T-cells. By extending the half-life and confining\nactivity to the tumor microenvironment, the PRO-XTEN(®) technology could\nlimit toxicity, widen the therapeutic index of TCEs, and potentially enable\nless frequent dosing regimens.\n\nForward-looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Words such as \"should,\"\n\"could,\" \"may,\" \"might,\" \"will,\" \"plan,\" \"potential,\" \"aim,\" \"expect,\"\n\"anticipate,\" \"promising\" and similar expressions (as well as other words or\nexpressions referencing future events, conditions or circumstances) are\nintended to identify forward-looking statements. Forward-looking statements\ncontained in this press release include, but are not limited to, statements\nregarding: the therapeutic potential of TCEs and Vir Biotechnology's belief\nthat TCEs have a powerful role to play in the future of immunotherapy and to\ntreat cancer; the potential for the collaboration to generate multiple\ndifferentiated therapeutic candidates and to expand the reach of the\nPRO-XTEN(®) platform, as well as advance Vir Biotechnology’s oncology\nportfolio; Vir Biotechnology's immediate and potential future financial and\nother obligations under the agreement and collaboration with Gilead, as well\nas Vir Biotechnology's ability to realize the benefits (including future\nmilestone payments and royalties); Vir Biotechnology's strategy and plans; and\nany assumptions underlying any of the foregoing. Many factors may cause\ndifferences between current expectations and actual results, including,\nwithout limitation: unexpected data or results observed during preclinical or\nfuture clinical studies or in data readouts; risks of unexpected costs, delays\nor other unexpected hurdles; difficulties in collaborating with other\ncompanies, some of whom may be competitors of Vir Biotechnology or otherwise\nhave divergent interests, and uncertainty as to whether the benefits of Vir\nBiotechnology's various collaborations can ultimately be achieved; challenges\nin accessing manufacturing capacity; the timing and outcome of Vir\nBiotechnology's or a collaborator’s planned interactions with regulatory\nauthorities, as well as general difficulties in obtaining any necessary\nregulatory approvals; successful development and/or commercialization of\nalternative product candidates by Vir Biotechnology's competitors, as well as\nchanges in expected or existing competition; geopolitical changes or other\nexternal factors; and unexpected litigation or other disputes. In light of\nthese risks and uncertainties, the events or circumstances referred to in the\nforward-looking statements may not occur. Drug development and\ncommercialization involve a high degree of risk, and only a small number of\nresearch and development programs result in commercialization of a product.\nResults in early-stage clinical studies may not be indicative of full results\nor results from later stage or larger scale clinical studies and do not ensure\nregulatory approval. The actual results may vary from the anticipated results,\nand the variations may be material. You are cautioned not to place undue\nreliance on any scientific data presented or these forward-looking statements,\nwhich are based on Vir Biotechnology's available information, expectations and\nassumptions as of the date of this press release. Other factors that may cause\nVir Biotechnology's actual results to differ from those expressed or implied\nin the forward-looking statements in this press release are discussed in Vir\nBiotechnology's filings with the U.S. Securities and Exchange Commission,\nincluding the section titled \"Risk Factors\" contained therein. Except as\nrequired by law, Vir Biotechnology assumes no obligation to update any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise.\n\nVir Biotechnology has exclusive rights to the PRO-XTEN(®) masking platform\nfor oncology and infectious disease. PRO-XTEN(®) is a trademark of Amunix\nPharmaceuticals, Inc., a Sanofi company.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261014783426/en/\n(https://www.businesswire.com/news/home/20261014783426/en/)\n\nMedia Contact \n\nCaren Scannell\n\nDirector, Communications\n\ncscannell@vir.bio (mailto:cscannell@vir.bio)\n\nInvestor Contact \n\nKiki Patel, PharmD\n\nHead of Investor Relations\n\nkpatel@vir.bio (mailto:kpatel@vir.bio)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-14T12:30:00.426472004Z","server_sent_at_ms":1791981000426},"received_at":"2026-10-14T12:30:00.522Z","source_url":"https://www.businesswire.com/news/home/20261014783426/en/"},"analysis":{"id":"157185","press_release_id":"168927","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["milestone payments contingent on development and regulatory success; upfront is modest relative to headline $1.87B total potential value"],"eventType":"partnership","narrative":"Vir Biotechnology announced a collaboration and license agreement with Gilead to discover and develop three novel PRO-XTEN dual-masked T-cell engagers for solid tumors, with Gilead taking an exclusive license to develop and commercialize the candidates.\n\nVir receives up to $135 million in upfront and near-term preclinical milestones, comprising $65 million cash, a $25 million equity investment at a 30% premium, and up to $45 million in milestones.\n\nBeyond that, Vir is eligible for up to $1.74 billion in development, regulatory and commercial milestones plus tiered high single-digit to low double-digit royalties on net sales.\n\nThis is Vir's second collaboration built on the PRO-XTEN masking platform, which management cited as external validation of its discovery capabilities.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Gilead validates Vir's masked TCE platform with $90M upfront (incl. premium equity) and up to $1.87B in total milestones plus royalties."},"keyFigures":{"dealValueUsd":"$1.74 billion potential milestones","customDimensions":{"royalties":"tiered high single-digit to low double-digit on net sales","upfront_cash":"$65 million","equity_investment":"$25 million","preclinical_milestones":"$45 million","equity_investment_premium":"30%","total_potential_milestones":"$1.74 billion","upfront_and_near_term_payments":"$135 million"}},"quotedText":"This transaction provides further external validation of Vir Biotechnology's integrated discovery capabilities and the broad potential of the PRO-XTEN(®) platform.","namedEntities":{"people":[{"name":"Marianne De Backer","role":"President and CEO, Vir Biotechnology"},{"name":"Flavius Martin, MD","role":"EVP Research, Gilead Sciences"}],"products":["PRO-XTEN masking technology","dAIsY platform","dual-masked T-cell engagers"],"companies":[{"name":"Vir Biotechnology, Inc.","ticker":"VIR","relationship":"filer"},{"name":"Gilead Sciences","ticker":"GILD","relationship":"partner/licensee"},{"name":"Amunix Pharmaceuticals, Inc. 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