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Oct. 12, 2021, 7:20 a.m. EDT

CureVac stops development of its COVID-19 shot, will focus on new COVID-19 vaccine set for 2022

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By Jaimy Lee

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%.

/zigman2/quotes/219999729/composite
US : U.S.: Nasdaq
$ 44.87
-3.35 -6.95%
Volume: 381,775
Dec. 1, 2021 11:49a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.01 billion
Rev. per Employee
$100,563
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/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 41.66
+0.54 +1.31%
Volume: 1.26M
Dec. 1, 2021 11:48a
P/E Ratio
17.76
Dividend Yield
4.79%
Market Cap
$101.04 billion
Rev. per Employee
$464,855
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/zigman2/quotes/210599714/realtime
US : S&P US
4,644.67
+77.67 +1.70%
Volume: 1.05B
Dec. 1, 2021 11:49a
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