AstraZeneca sells stake in Moderna for more than $1 billion

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The Times reports that AstraZeneca Plc has sold its 7.7% stake in Moderna Inc for more than $1 billion.

The sales comes after the U.S. biotechnology company’s shares soared on the back of its coronavirus vaccine breakthrough.

The report added that it was not clear over what period AstraZeneca sold its holding in Moderna.

The Times report added that AstraZeneca is retaining 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.

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.

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