Vir Biotechnology appoints new Chief Technical Officer

SAN FRANCISCO – Vir Biotechnology, Inc., a $1.5 billion market cap biotech company, announced a change in its executive team with the upcoming departure of Ann (Aine) M. Hanly, Ph.D., and the appointment of Maninder Hora, Ph.D., as the new Executive Vice President and Chief Technical Operations Officer. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 8.94x, though it faces challenges with rapid cash burn.

Dr. Hanly, who currently serves as the Executive Vice President and Chief Technology Officer, will leave the company on February 26, 2025. Following her departure, Dr. Hora is set to take over her responsibilities starting February 27, 2025.

The transition was disclosed in a filing with the Securities and Exchange Commission (SEC) by Vir Biotechnology, a company specializing in biological products, headquartered in San Francisco, California. The filing, dated January 30, 2025, outlines the latest executive movements within the organization.

Vir Biotechnology, listed on the Nasdaq Global Select Market under the ticker symbol (NASDAQ:VIR), operates within the biotechnology industry, focusing on the development of treatments for serious infectious diseases.

The announcement comes as part of the company’s regular reporting and compliance with SEC regulations. The company’s statement did not detail the reasons for Dr. Hanly’s departure or any future plans she may have.

Dr. Hora’s experience and qualifications have poised him to take on the role of overseeing the company’s technical operations. The executive shift is part of Vir Biotechnology’s ongoing efforts to manage and advance its operations in the development of biological products.

Investors and stakeholders of Vir Biotechnology will be watching the transition closely, as executive changes can often have an impact on a company’s strategy and performance.

This news is based on the company’s recent SEC filing and reflects the company’s commitment to transparency in its corporate governance.

In other recent news, Vir Biotechnology has seen a series of upgrades and positive developments. Morgan Stanley (NYSE:MS) upgraded the company’s stock from Equalweight to Overweight, doubling the price target to $20.

This upgrade is attributed to promising results from Vir’s T-cell engager (TCE) pipeline, specifically the VIR-5500 program targeting prostate cancer. Goldman Sachs also maintained a Buy rating, with a steady price target of $28, recognizing the potential of Vir’s TCE program in oncology.

Furthermore, JPMorgan raised its stock target for Vir Biotechnology from $10 to $14, maintaining a Neutral rating. This adjustment came after the presentation of initial clinical data for the company’s Tumor Cell Engagers (TCEs), anti-HER2 VIR-5818 and anti-PSMA VIR-5500, which have shown promising activity in solid tumor subsets.

Additionally, Vir Biotechnology’s investigational drugs, tobevibart and elebsiran, received Breakthrough Therapy designation by the FDA and Priority Medicines designation by the EMA for the treatment of chronic hepatitis delta. This recognition further solidifies the company’s position in the market.

Lastly, Vir Biotechnology has reported encouraging results from a Phase 2 clinical trial for chronic hepatitis B treatment and significant developments during its third-quarter 2024 earnings call, including advancements in hepatitis trials. These recent developments underscore Vir Biotechnology’s commitment to advancing its clinical programs, particularly in the areas of oncology and hepatitis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.