CVAC - Why CureVac Stock Plunged Today
2023-09-29 09:07:43 ET
Shares of CureVac (NASDAQ: CVAC) were down 9.1% as of 2:45 p.m. ET Thursday after a German court temporarily suspended the biopharmaceutical company's patent trial against BioNTech (NASDAQ: BNTX) .
CureVac previously failed to develop a successful COVID-19 vaccine during the pandemic, opting instead to focus on potential second-generation vaccines in partnership with GlaxoSmithKline . BioNTech, by contrast, generated tens of billions of dollars in annual revenue from its successful mRNA vaccines developed in partnership with Pfizer .
CureVac subsequently filed a lawsuit in Germany against BioNTech in July 2022, seeking "fair compensation" for infringement of its intellectual property rights based on over two decades of work on mRNA technology.
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Why CureVac Stock Plunged Today