Drugmaker Merck divests stake in vaccine-maker Moderna after stock surge

U.S. drugmaker Merck & Co said on Wednesday it has sold its equity investment in Moderna Inc, after benefiting from a surge in the stock price of the vaccine developer this year.

Merck did not disclose the details of the sale proceeds, but said it expects to record a small gain from the sale in the fourth quarter of 2020. Moderna's shares have risen more than seven-fold this year, valuing the company at $55.80 billion as of Tuesday's closing price. Moderna is one of the front-runners in the race to develop a coronavirus.....

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