AstraZeneca sold its 7.7% stake in Moderna Inc for more than $1 billion

According to a report from The Times, AstraZeneca Plc has sold its 7.7% stake in Moderna Inc for more than $1 billion.

Moderna’s shares soared following news of its COVID-19 vaccine breakthrough.

The report did not clarify the period over which AstraZeneca sold its holding in Moderna.

Neither Moderna nor AstraZeneca immediately responded to requests for comments.

According to the report, AstraZeneca is retaining its partnership with Moderna on the treatment of other diseases and can potentially sell its AstraZeneca/Oxford University COVID-19 vaccine on a commercial basis in the future if the coronavirus which emerged from Wuhan, China, becomes endemic.

Last week, in a statement Moderna had said, it expects $18.4 billion from the sale of its coronavirus vaccine this year. Moderna’s vaccine is cleared for emergency use against COVID-19 in the United States.

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