AstraZeneca sold its stake in rival COVID-19 vaccine maker Moderna for roughly $1 billion over the course of last year as the Anglo-Swedish drugmaker cashed in on the meteoric rise in the U.S. company’s shares.
London-listed AstraZeneca recorded $1.38 billion in equity portfolio sales last year, with “a large proportion” of it coming from the Moderna sale, according its latest annual report.
Last week, Moderna said it was expecting $18.4 billion in sales from the vaccine this year, putting it on track for its first profit since its founding in 2010.
Asset manager Baillie Gifford on Monday disclosed in a separate filing it now held 11% passive stake in Moderna as of Feb. 26.
Read more at: Reuters
By Ankur Banerjee, Pushkala Aripaka, Kanishka Singh, Maria Ponnezhath, Jason Neely, David Evans and Arun Koyyur
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.