AstraZeneca has sold its stake in Moderna

AstraZeneca PLC has sold its 7.7% stake in Moderna Inc. for more than $ 1 billion after the US biotechnology company’s shares soared on the back of its coronavirus vaccine breakthrough, The Times reported.

The report added that it was not clear over what period British-based AstraZeneca sold its holding in Moderna.

AstraZeneca and Moderna did not immediately respond to requests for comment.

AstraZeneca is retaining 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 added.

Moderna, whose vaccine is cleared for emergency use against Covid-19 in the US, said last week that it was expecting sales of $ 18.4 billion from its coronavirus vaccine this year.