AstraZeneca sells 7.7% of Modena shares for 1.4 trillion won

[아시아경제 구은모 기자] The Times reported on the 1st (local time) that AstraZeneca, the company’s second-largest shareholder, disposed of its stake after the US pharmaceutical company Modena’s stock price rose after the development of the Corona 19 vaccine.

AstraZeneca is known to have sold 7.7% of Modena shares for 1.2 billion dollars (about 1.35 trillion won). The timing of the sale of AstraZeneca shares was not disclosed, and the company declined to comment. However, the Times estimated that it would have produced more than three times the profits if it had been held until recently.

The stock price of Modena soared from $29 per share a year ago to $185 at one point, and as of Friday, the 26th of last month, its stock price was $154.81 and its market cap was $62 billion.

Despite the closeout, AstraZeneca maintains a partnership with Modena and other diseases. AstraZeneca is expected to use the proceeds from the sale of Moder or shares to develop new drugs and acquire Alexion worth $39 billion (about 44 trillion won). Alexion is an American pharmaceutical company specializing in rare and intractable diseases that has stood out in the market for treatment of rare diseases such as blood diseases.

Reporter Eun-mo Koo [email protected]

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