Shares of CureVac /zigman2/quotes/219999729/composite CVAC -6.95% tumbled 9.6% in premarket trading on Tuesday after the German biopharmaceutical company said it will scrap development of its COVID-19 vaccine candidate and instead focus on developing second-generation mRNA shots against COVID-19 with GlaxoSmithKline /zigman2/quotes/209463850/composite GSK +1.31% . The existing purchase agreement with the European Commission is no longer in place. They are aiming to bring a new COVID-19 vaccine to market in 2022. "The decision is also aligned with the evolving dynamics of the pandemic response towards a greater need for differentiated vaccines to address the developing endemic SARS-CoV2 situation," CureVac said in a statement. CureVac's stock is down 46.7% so far this year, while the broader S&P 500 /zigman2/quotes/210599714/realtime SPX +1.70% is up 16.1%.