Pascal Soriot cashes in AstraZeneca’s chips on Moderna for $1.2B cash injection
While still working to prove its own Covid-19 vaccine, AstraZeneca has reportedly capitalized on the success of another.
The company has sold off its 7.7% stake in Moderna and turned it into $1.2 billion in cash, according to the Times, beefing up the reserves just as Pascal Soriot is wrapping up his $39 billion acquisition of Alexion and its rare disease pipeline.
AstraZeneca’s stock sale follows a similar move by Merck in December. But like its pharma brethren, the British giant is keeping its R&D collaborations with Moderna.
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 144,300+ biopharma pros reading Endpoints daily — and it's free.