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5CV - CureVac NV News Story

€38.48 1.8  4.8%

Last Trade - 3:27pm

Sector
Healthcare
Size
Large Cap
Market Cap £5.74bn
Enterprise Value £4.66bn
Revenue £41.6m
Position in Universe 168th / 1048

UPDATE 1-CureVac slashes COVID-19 vaccine production plans

Tue 14th September, 2021 1:18pm
* CureVac cancels manufacturing deals with Wacker, Celonic 
    * Deals with Novartis, Bayer, Rentschler, Fareva unaffected
    * CureVac cites rivals' dominance in immunisation campaigns

 (Adds Bayer, Fareva also remain on board to produce vaccine)
    FRANKFURT, Sept 14 (Reuters) - German biotech firm CureVac
 5CV.DE  said on Tuesday it cancelled contract manufacturing
deals for its experimental COVID-19 vaccine with two prospective
partners, after rivals with approved shots have boosted
production.
    Agreements with Celonic Group of Switzerland and Germany's
Wacker  WCHG.DE  would be terminated but existing production
deals with Rentschler Biopharma and Novartis  NOVN.S  would
remain unchanged, CureVac said in a statement.
    Manufacturing contracts with Bayer  BAYGn.DE  and Fareva
were also unaffected, a spokesperson added.    
    CureVac fell far behind rivals BioNTech  22UAy.DE , a
partner of Pfizer  PFE.N , and Moderna  MRNA.O , in trying to
develop an mRNA-based COVID-19 vaccine. The BioNTech-Pfizer
alliance, in particular, has been a dominant force among
suppliers to Western countries, with well over 1 billion doses
delivered so far.
    "The continuous increase in mRNA manufacturing capacity
together with the progress of large-scale vaccination efforts
have strongly changed the demand for our first-generation
COVID-19 vaccine, CVnCoV, over the last months,” said CureVac
Chief Operating Officer Malte Greune. 
    Financial terms of the cancellation would not be disclosed,
the company added.
    CureVac in June and July published disappointing trial data
on its initial vaccine candidate, and European regulatory
approval is yet outstanding. urn:newsml:reuters.com:*:nL2N2NY35V urn:newsml:reuters.com:*:nL3N2OD1L2 urn:newsml:reuters.com:*:nL1N2QB0WX
    It is also working with GlaxoSmithKline  GSK.L  on a next
generation of COVID-19 vaccines. urn:newsml:reuters.com:*:nL4N2PN2XI

 (Reporting by Ludwig Burger and Patricia Weiss; Editing by
Maria Sheahan)
 ((ludwig.burger@thomsonreuters.com; +49 30 220133634; Reuters
Messaging: ludwig.burger.thomsonreuters.com@reuters.net))
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