(Reuters) – AstraZeneca Plc sold its 7.7% stake in Moderna Inc for more than $ 1 billion after the US biotechnology company’s shares soared as a result of its breakthrough for the coronavirus vaccine, reports The Times.
The report added that it is not clear over what period the British AstraZeneca sold its stake in Moderna.
AstraZeneca and Moderna did not immediately respond to requests for comment.
AstraZeneca maintains a partnership with Moderna over other diseases and may in future sell its AstraZeneca / Oxford University COVID-19 vaccine on a commercial basis if the virus becomes endemic, the report said.
Moderna, whose vaccine is being cleared for emergency use against COVID-19 in the United States, said last week that it expects sales of $ 18.4 billion from its coronavirus vaccine this year.
Reporting by Maria Ponnezhath in Bengaluru; Edited by Jonathan Oatis and Peter Cooney