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GlaxoSmithKline To Acquire 10% Stake In Germany's CureVac, Collaborate On 5 mRNA Vaccines

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GlaxoSmithKline To Acquire 10% Stake In Germany's CureVac, Collaborate On 5 mRNA Vaccines

GlaxoSmithKline plc (NYSE: GSK) is acquiring a 10% stake in German biopharmaceutical company CureVac, it announced Monday (London time).

What Happened

The United Kingdom-based pharmaceutical giant said it is making an equity investment of $163.4 million, including an upfront cash payment of $130.7 million, in exchange for the stake.

The two companies will also collaborate "for the research, development, manufacturing, and commercialization of up to five mRNA-based vaccines and monoclonal antibodies (mAbs) targeting infectious disease pathogens," they said in a joint statement.

CureVac's mRNA vaccine for novel coronavirus (COVID-19) and another vaccine for rabies aren't part of the collaboration. The company started the clinical trials for its COVID-19 vaccine candidate in June, as reported by Bloomberg at the time.

"Through the application of mRNA technology, including [self-amplifying mRNA], we hope to be able to develop and scale up advanced vaccines and therapies to treat and prevent infectious diseases quicker than ever before," GlaxoSmithKline President for Global Vaccines Roger Connor said.

Price Action

GlaxoSmithKline shares closed 0.8% higher at $41.82 in New York on Friday.

Photo credit: GlaxoSmithKline on Flickr.

 

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Posted-In: Coronavirus Covid-19 CureVac vaccineNews Health Care Financing General Best of Benzinga

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