Curevac sells mRNA vaccine rights to GSK for €400 million, according to “Business week”, reports. The company now wants to focus on other research projects. Curevac stock reacted to the news with a sharp increase in price.
GSK pays Curevac €400m
Tübingen-based Curevac will receive an advance payment of 400 million euros. In addition, the company’s management has agreed on performance-related payments with GSK. They are conditioned by the achievement of certain goals.
Curevac and GSK have been working together since 2020. At that time, GSK invested 150 million euros in Curevac and paid a one-time fee of 120 million euros.
Curevac will post big losses in 2023
By the numbers Statesman Curevac AG’s total sales in 2023 amounted to 53.8 million euros. However, the company was very unprofitable Loss amounted to 260.2 million euros. This meant it was almost five times higher than sales. At its peak, Curevac had a good 1,100 employees, but for cost reasons the group is cutting around 150 jobs, according to current plans.
GSK: With sales of 30.3 billion British pounds (about 36 billion euros) in 2023, it is many times bigger than Curevac.