GlaxoSmithKline PLC (LON:GSK) rose on Tuesday after announcing plans to work on a vaccine for coronavirus with Paris-listed Sanofi.
The two pharma giants have signed a letter of intent to develop a candidate which would enter clinical trials in the second half of 2020.
READ: GlaxoSmithKline injects US$250mln into US biotech Vir in coronavirus treatment collaboration
If successful and following approval by the authorities, it would be available in the second half of next year.
GSK said the work is supported through funding and a collaboration with US-based Biomedical Advanced Research and Development Authority.
“This collaboration brings two of the world's largest vaccines companies together,” said Emma Walmsley, chief executive at GSK.
“By combining our science and our technologies, we believe we can help accelerate the global effort to develop a vaccine to protect as many people as possible from COVID-19.”
Shares advanced 2% to 1,571.66p on Tuesday at noon.