AstraZeneca Sells 7.7% Stake in Moderna for 1.4 Trillion Won

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The British newspaper The Times reported on the 1st (local time) that AstraZeneca, the second-largest shareholder of the U.S. pharmaceutical company Moderna, disposed of its shares after Moderna's stock price rose following the development of the COVID-19 vaccine.

AstraZeneca is said to have sold its 7.7% stake in Moderna for $1.2 billion (approximately 1.35 trillion KRW). The timing of AstraZeneca's stock sale was not disclosed, and the company declined to comment. However, The Times estimated that if the shares had been held until recently, the profit would have been more than threefold.

Moderna's stock price soared from $29 per share a year ago to as high as $185, and as of Friday, the 26th of last month, the stock price was $154.81, with a market capitalization of $62 billion.

Despite the stake disposal, AstraZeneca will maintain its partnership with Moderna in other disease areas. AstraZeneca is expected to use the proceeds from the Moderna stock sale for new drug development and the acquisition of Alexion, valued at $39 billion (approximately 44 trillion KRW). Alexion is a U.S. pharmaceutical company specializing in rare and intractable diseases, distinguished in the market for treatments of rare diseases such as blood disorders.