CureVac Restructures to Focus on High-Value mRNA Projects, Reduces Workforce by 30%
Portfolio Pulse from Benzinga Newsdesk
CureVac N.V. (NASDAQ:CVAC) is restructuring to focus on high-value mRNA projects, reducing its workforce by 30%. The restructuring follows a new licensing agreement with GSK, valued at up to €1.45 billion plus royalties. CureVac aims to streamline operations, prioritize oncology programs, and reduce operational expenses by over 30% from 2025 onward.
July 03, 2024 | 6:56 am
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CureVac is restructuring to focus on high-value mRNA projects, reducing its workforce by 30%. The new licensing agreement with GSK, valued at up to €1.45 billion plus royalties, will provide substantial financing and allow CureVac to streamline operations and focus on technology innovation, research, and development.
The restructuring and new GSK agreement provide significant financial support and allow CureVac to focus on its core strengths, which is likely to be viewed positively by investors. The reduction in operational expenses and workforce, while difficult, is aimed at ensuring long-term success and sustainability.
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