Vir Biotechnology has granted Norgine Pharma UK Limited an exclusive commercial license for its tobevibart and elebsiran combination therapy for chronic hepatitis delta (CHD) in Europe, Australia, and New Zealand. The partnership gives Norgine the rights to develop, manufacture, and market the therapy in those territories while Vir retains the U.S. rights, positioning the company to monetize its HDV pipeline in key international markets.
The financial terms of the agreement are substantial. Vir will receive an upfront reimbursement of EUR 55 million and is eligible for up to EUR 495 million in clinical, regulatory, and sales milestones. Tiered royalties on net sales will range from the mid‑teens to the high‑twenties percent. In addition, Norgine will contribute roughly 25 % of the remaining external costs for the ECLIPSE Phase III registrational program, sharing the financial burden of the ongoing trials. The deal is expected to extend Vir’s cash runway into the fourth quarter of 2027, building on a cash balance of $810.7 million reported as of September 30, 2025.
Vir’s Q3 2025 financials illustrate the urgency of the partnership. Revenue for the quarter was $0.24 million, a sharp miss against analyst expectations of $2.11 million, driven by the absence of any commercial revenue from the CHD therapy and the company’s continued focus on R&D. Net loss widened to $163.1 million, and EPS fell to –$1.17, missing the consensus estimate of –$0.84. The miss reflects the company’s heavy investment in the ECLIPSE program and the lack of revenue from its former COVID‑19 antibody business, underscoring the need for the cash infusion from the Norgine deal.
The therapy itself is a novel combination of tobevibart, a monoclonal antibody, and elebsiran, a small interfering RNA (siRNA). It has received Breakthrough Therapy and Fast Track designations from the FDA and PRIME status from the EMA, positioning it as the only approved treatment for CHD in the United States. The ECLIPSE Phase III program is ongoing, with enrollment for ECLIPSE 1 completed on November 3, 2025, and top‑line data expected in the first quarter of 2027. The partnership will accelerate commercialization in the licensed territories and provide a pathway to global approval.
CEO Marianne De Backer emphasized the strategic fit of the partnership: “Norgine’s expertise and reach in key international markets will maximize the impact of our investigational treatment for CHD.” She added that the deal “advances our commitment to sustainably develop and commercialize the tobevibart and elebsiran combination treatment globally while advancing our innovative clinical pipeline.” The agreement also reflects Vir’s broader pivot toward its HDV portfolio after the decline of its COVID‑19 antibody revenue, reinforcing the company’s focus on infectious disease and oncology programs.
The licensing agreement represents a pivotal moment for Vir Biotechnology. By securing a partner with strong hepatology capabilities, Vir reduces its Phase III development costs, secures a significant cash infusion, and positions itself to bring a first‑in‑class CHD therapy to market. The deal also signals confidence in the therapy’s regulatory trajectory and the company’s ability to monetize its pipeline, while extending its financial runway into 2027 and providing a foundation for future growth in both infectious disease and oncology segments.
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