The 7.7% stake of Moderna held by AstraZeneca was sold for more than $1 billion. The sale was a result of the increase in share prices of the US biotechnology firm that recently had a breakthrough with the coronavirus vaccine. The sale is happening 8 years after a $240 million investment was made by AstraZeneca Chief Executive Pascal Soriot in Moderna
The report didn’t make it clear about the period over which the British-based AstraZeneca sold its holding in Moderna. Both Moderna and AstraZeneca were not quick to respond to the reply comment. The companies are continuing their partnership on various other disease treatments.
Moderna is expecting a sale of $18.4 billion worth of vaccine sales during the current year which is more than its competitor Pfizer who had a forested revenue of $15 billion. The company plans to produce 700 million units of the vaccine in the year 2021. The vaccine was approved for emergency use in the United States against COVID-19.
Compared to the previous year the stock prices of Moderna have increased by around 48%.