AstraZeneca sells its stake in Moderna for more than $1 billion

AstraZeneca, a British-Swedish drugmaker has sold its entire 7.7% stake in American pharma company Moderna for more than 1 billion dollar.

AstraZeneca is retaining a partnership with Moderna on other disease treatments and could sell its AstraZeneca/Oxford University Covid-19 vaccine on a commercial basis in the future if the virus becomes endemic, the report says.

As per the report, The sale was made after Moderna's shares soared on the back of its coronavirus vaccine breakthrough. AstraZeneca is retaining partnership with Moderna on other disease treatments.

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 dollars from its coronavirus vaccine this year.