AstraZeneca cashes in on Moderna in the midst of Covid-19 vaccine success

UK’s Pharmaceutical company AstraZeneca has sold its 7.7% stake in Moderna for more than USD $1 billion after the US biotechnology company’s shares soared on the back of its coronavirus vaccine breakthrough.

The Times reported that it was not clear over what period British-based AstraZeneca sold its holding in Moderna.

AstraZeneca is however retaining partnership with Moderna on other disease treatments and could sell its AstraZeneca/Oxford University COVID-19 vaccine on a commercial basis in future if the virus becomes endemic, the report added.

Moderna, whose vaccine is cleared for emergency use against COVID-19 in the United States, said last week it was expecting sales of $18.4 billion from its coronavirus vaccine this year.

Merck — another drug manufacturer — recently also sold its stake in Moderna in the midst of developing a COVID-19 vaccine. Merk had invested USD $175 million in Moderna when it’s share price was $23 in 2018 and cashed out when prices soared around $140 per share.