Photo credit: GlaxoSmithKline on Flickr.
GlaxoSmithKline plc (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.
GlaxoSmithKline and CureVac aren't collaborating on the latter's mRNA vaccine for novel coronavirus (COVID-19) and another vaccine for rabies. CureVac 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.
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