GlaxoSmithKline and Vir Biotechnology Jump in Race to Treat and Prevent COVID-19

GlaxoSmithKline (NYSE:GSK) and Vir Biotechnology (NASDAQ:VIR) are collaborating to develop multiple drugs and vaccines to treat and prevent COVID-19, the disease caused by the new coronavirus. The news drove shares of Vir up 30% at 1:39 ET on Monday, substantially higher than the 5% or so that the broader markets are up. GlaxoSmithKline, which is substantially larger and won't benefit as much from the potential new products, is up just 2%.