AstraZeneca sells stake in Moderna for more than $1 billion: Report

British–Swedish multinational pharmaceutical and biopharmaceutical company, AstraZeneca Plc sold 7.7 per cent of its stake in American pharmaceutical and biotechnology company Moderna Inc for more than $1 billion after its shares soared on the back of its coronavirus vaccine breakthrough, The Times reported.

Also read: Moderna expects $18.4 billion in COVID-19 vaccine sales in 2021

The shares of the US-based biotechnology company, Moderna, witnessed a rise in shares after it developed a vaccine for COVID-19.

The report added that it was not clear over what period British-based AstraZeneca sold its holding in Moderna. AstraZeneca and Moderna did not immediately respond to requests for comment.

AstraZeneca is retaining a 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.

In December 2020, Merck sold its stake in Moderna Inc., the biotechnology company, in the midst of developing a COVID-19 vaccine. Merck sold its direct equity investment in Moderna during the first half of the fourth quarter.

(With inputs from agencies)