Vir Biotechnology Inc. (VIR) saw its shares plummet 7.80% in pre-market trading on Thursday.

The sharp decline follows the company's announcement that it has priced a public offering of its common stock at $8.50 per share. Such offerings typically lead to dilution of existing shareholders' equity and can result in downward pressure on the stock price as the market absorbs the new shares.

Public offerings are closely watched by investors as they impact a company's capital structure and valuation. The pricing of this offering appears to have been a key driver behind the pre-market negative sentiment toward Vir Biotechnology's stock.