New York, July 9, 2026, 12:07 (EDT)
Virax Biolabs Group shares jumped more than 100% during Thursday’s U.S. session after the diagnostics company said its UK subsidiary reached an exclusive multi-country supply deal with Fosun Diagnostics for its ImmuneSelect research-use immune-profiling line. The Nasdaq stock was trading at $9.00 as of 11:52 a.m. EDT, up $5.82 on the day, with about 57.8 million shares changing hands.
Virax is pushing ahead with its plan to shift from a small research-products shop to a commercial player. The firm said the deal includes Thailand, Vietnam, Indonesia, the Philippines, Singapore and Malaysia, with supply set to start once purchase orders are placed. The agreement could also grow to cover larger or private-label orders.
ImmuneSelect is RUO, which means it’s only for lab research—not for use in diagnosing or treating patients. According to Virax, it’s different from ViraxImmune, the diagnostic platform the company is still developing and running through clinical and regulatory steps.
| Item | Latest development | Why traders care |
|---|---|---|
| Supply deal | Fosun Diagnostics lands exclusive rights in six Southeast Asian countries | Sets up a sales option in the region, no financials shared so far |
| First focus | Work starts on tuberculosis research uses in Thailand | Makes for a short-term entry for the rollout |
| Product | ImmuneSelect RUO, with ELISpot testing plates included | ELISpot plates let labs track cell immune response activity |
| Commercial terms | Exclusivity depends on meeting minimums for buys and performance | Any sales boost relies on follow-up, not just the deal announcement |
The jump in Virax shares was outsized since the company is coming off a low base. Virax reported just $12,423 in revenue for the year ended March 31, 2026, according to its annual report, with all sales from RUO products. Net loss for the year was about $5.0 million.
Chief Executive James Foster said the deal is a “major step forward” and gives the company a “clear pathway” for growing in the region. Leon Zhang, who leads the China domestic business for Fosun MedTech, said Fosun is looking at ELISpot-based research uses and called Virax’s platform a “strong option.” PR Newswire
Virax called Fosun Diagnostics the diagnostics segment at Fosun MedTech, itself part of Fosun Pharma. Fosun Pharma trades in Shanghai and Hong Kong. The company reported 2025 revenue of RMB 41.662 billion, or about $5.8 billion, according to its release.
The rally comes less than two weeks after Virax started trading post a one-for-25 reverse split. The move converts every 25 shares into one, raising the trading price but typically doesn’t alter each investor’s overall stake except for rounding. Virax said the June 26 reverse split was to get back in line with Nasdaq’s $1 bid minimum.
| Stock or index | Latest quoted level | Intraday move | Market value / note |
|---|---|---|---|
| Virax Biolabs (VRAX) | $9.00 | +183.0% | Market cap at $21.6 million; 57.8 million shares changed hands |
| Nasdaq Composite | 26,051.08 | +0.70% | U.S. tech benchmark |
| SPDR S&P Biotech ETF (XBI) | $163.58 | +0.37% | Tracks biotech stocks |
| QIAGEN (QGEN) | $41.56 | +9.37% | Listed by Virax as a rival or possible rival |
| Adaptive Biotechnologies (ADPT) | $21.66 | +7.44% | Listed by Virax as a rival or possible rival |
| Abbott Laboratories (ABT) | $94.11 | -1.12% | Listed by Virax as a rival or possible rival |
Virax, in its own filing, says it faces competition across immune profiling, research reagents and in vitro diagnostics. In vitro diagnostics are tests done on blood or tissue samples outside the body. QIAGEN, Adaptive Biotechnologies, and Abbott are listed as current or possible rivals. The company notes that many competitors have larger sales teams, more products, and stronger regulatory setups.
The stock jumped Thursday, but that doesn’t mean Virax will see the revenue investors seem to expect. Virax put out a warning that its Fosun deal might not lead to revenue or commercial progress. The company said studies or regulatory steps could fall short of what is needed for filings, launching, or getting the product adopted.
The next test is clear. Investors want to see real purchase orders, some repeat demand out of Thailand, and signs that Fosun is able to push the product into the other five markets listed in the deal. Right now, the market is pricing in the chance of a commercial shift, not a confirmed one.
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