Item 1.01 Entry into a Material Definitive Agreement.

On December 30, 2020, Vir Biotechnology, Inc. (the "Company") and Alnylam Pharmaceuticals, Inc. ("Alnylam") entered into a letter amendment, dated December 23, 2020 (the "Letter Agreement"), amending the Collaboration and License Agreement between the Company and Alnylam, dated October 16, 2017, as amended (the "Alnylam Agreement"), to modify certain funding and governance provisions in connection with RNAi programs directed to certain specified targets directed to coronaviruses, including VIR-2703 (collectively, the "COV Targets"), and to modify certain rights of each party with respect to products arising from such programs.

Pursuant to the Letter Agreement, Alnylam will be responsible for conducting pre-clinical research activities set forth in the existing workplan for the selected COV Target (the "COV Workplan") at its discretion and sole expense, and the Company will have no obligation to reimburse Alnylam for any share of costs incurred by Alnylam in conducting activities under the COV Workplan prior to the effective date of the Letter Agreement and after July 1, 2020.

The Company will no longer have a pre-agreed Program Option (as defined in the Alnylam Agreement), but, if Alnylam selects a development candidate arising from the COV Workplan, the Company and Alnylam have agreed to negotiate in good faith an agreement between the parties with respect to the applicable COV Target and RNAi products directed thereto. If Alnylam terminates the COV Workplan, does not select a development candidate or the parties are unable to agree upon the terms of a definitive agreement relating to such COV Target, then the applicable COV Target (and related RNAi program) shall be treated in a similar way to a program for which the Company had declined its Program Option, and shall cease to be included within the Alnylam Agreement and all rights to the RNAi program directed to the applicable COV Target will revert to Alnylam.

The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the full and complete terms of the Letter Agreement, a copy of which will be filed as an exhibit to a subsequent filing with the Securities and Exchange Commission.

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