British pharmaceutical company AstraZeneca sold its 7.7% stake in Moderna Inc. (MRNA) for more than $1 billion on Sunday.
AstraZeneca began selling shares of Moderna after it introduced its own COVID-19 vaccine in early 2021. Moderna had its vaccine approved by US regulators in December, saying it expects $18.4 billion in revenue from the vaccine this year.
MRNA is trading down in premarket trades, down to $154.49 (-1.85%). AstraZeneca is up slightly in premarket activity, posting 29 cents (+0.60%) before the opening bell.
Investors speculate that AstraZeneca is liquidating assets to help develop further vaccines, as well as to finish their acquisition of Alexion Pharmaceuticals (ALXN) for $38 billion.
AstraZeneca’s vaccine has yet to receive approval for use in the US.
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