AstraZeneca Plc (NASDAQ: AZN) disclosed that it has dumped 7.7% stakes of US biotechnology firm Moderna Inc. AZN has dumped the holdings of Moderna Inc (NASDAQ: MRNA) for more than $1 billion. The decision to dump the stake of MRNA came after Moderna’s coronavirus drug innovation.
Furthermore, AZN has also decided for sale after Johnson & Johnson’s drug candidate has got authorization as the third drug for EUA in the US. Last year in December, FDA has granted EUA to the drug of Moderna, Inc. MRNA disclosed its Q4 financial performance in late February and revealed that it anticipates product sales of $18.4 billion from the drug this year.
The 7.7% holdings of AZN have made the AZN the second-biggest shareholder of MRNA. The firm is intending to use the cash from the holdings sale to create its drugs and execute its $39 billion buying of Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN). Shares of AZN went down 1.08% as it lost -0.53 while the share of Moderna Inc went up 4.33% as it gained +6.43 during the trading session of Friday. The market capitalization of AstraZeneca is $130.11 billion and the market cap of MRNA is 58.71 billion.
AZN and Oxford University have created the drug jointly and distribute it on a non-profitable basis. The drug of AZN has not yet got the authorization in the US. Reports revealed that AZN will continue its alliance with MRNA on other disease cures and may offer its COVID-19 drug on a profitable basis in the future if the virus becomes prevalent.