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Merck Sells Stake in Moderna as Vaccine Gets FDA Review

  • Moderna has requested emergency approval for its shots
  • Merck said its investment had seen a large rise in value
Updated on

Merck & Co. said it sold its stake in Moderna Inc., the biotechnology company that’s in the midst of developing a Covid-19 vaccine. The shares of both companies rose.

Merck sold its direct equity investment in Moderna during the first half of the fourth quarter, according to a statement from the U.S. drugmaker on Wednesday. No terms of the sale of the holdings were given.