London-listed AstraZeneca has let go of a stake in its rival COVID-19 vaccine maker Moderna in 2020, the drugmaker reported in its latest annual report.
- AstraZeneca did not specify on the transaction cost but noted that “a large proportion” of the $1.38 billion in equity portfolio sales came from the disposal of the Moderna stake. AstraZeneca paid an initial $240 million in 2013 and hiked its stake in its current rival. The stake in Moderna stood at 7.65% at end-2019.
- Moderna secured an emergency use authorization (EUA) in the United States in December. It expects $18.4 billion from vaccine sales this year to turn profit for the first time since its founding in 2010.
- Moderna shares surged over five times in value in 2020 following the development of its COVID-19 vaccine and receiving approval within months.
MRNA: Nasdaq shares are down 3.68%; while AZN: Lon shares are up 0.16%.