AstraZeneca Sells Over $1Bln Stake In Moderna After Its Shares Skyrocket - Reports

MOSCOW (UrduPoint News / Sputnik - 01st March, 2021) UK-Swedish pharmaceutical company AstraZeneca has sold its stake in the US Moderna company for roughly $1.2 billion after Moderna's shares skyrocketed following the company's breakthrough in the global market of vaccines against the coronavirus, The Times reported on Monday.

According to the news outlet, following the deal, AstraZeneca got rid of a 7.7 percent stake in Moderna that had earlier made it the largest investor in the US-based company.

The Times added that the deal would allow AstraZeneca to improve its financial position amid the pharmaceutical giant's plans to acquire the US-based Alexion company for $39 million.

Moderna's stock soared in November after the company announced that its vaccine's efficacy stood at 94.5 percent. The positive dynamics continued when the US food and Drug Administration in December approved emergency use of the Moderna COVID-19 vaccine. This step was followed by the European Union's and the United Kingdom's decisions to authorize the use of the vaccine. On February 11, Moderna said that it would deliver 200 million doses of its vaccine to the US by May 2021, adding that the company has signed agreements with various countries on the supply of over 641 million doses.