Vaccine manufacturer - Vaccine company Curevac cuts almost one in three jobs
Curevac, the biotech company, will eliminate nearly one third of its positions as part of a corporate restructuring. The company plans to reduce its workforce by 30 percent and lower operating costs by 30 percent, as announced in Tübingen. Additionally, Curevac announced the intention to sell the rights to its mRNA influenza and Covid-19 vaccines to the British pharmaceutical company GSK for up to 1.45 billion Euro.
Curevac secures urgently needed funds, as the company has faced issues in clinical studies and patent disputes regarding its mRNA technology. According to the agreement, Curevac receives an initial payment of 400 million Euro, up to 1.05 billion Euro in milestone payments, and further variable payments. The Curevac stock price rose by almost 28 percent in between.
Curevac was initially seen as one of the promising contenders in the development of a Covid-19 vaccine during the Corona pandemic. However, due to relatively low efficacy, Curevac withdrew its first vaccine candidate from the approval process.
The vaccine manufacturer is currently working on the development of a second-generation Covid-19 vaccine. Additionally, the company is researching vaccines for cancer therapy. A product is not yet available on the market. After the restructuring, the focus will be on investments with high potential in areas such as oncology, according to Curevac.
- Despite Curevac's corporate restructuring in Baden-Württemberg, resulting in a 30% workforce reduction, the company plans to continue its work in areas with high potential, such as oncology.
- In response to financial challenges due to issues in clinical studies and patent disputes, Curevac, based in Tübingen, Germany, sells its mRNA influenza and Covid-19 vaccines rights to the British pharmaceutical giant GSK for up to 1.45 billion Euro.
- Although Curevac, initially seen as a promising contender in the development of a Covid-19 vaccine in Germany during the Corona pandemic, had to withdraw its first vaccine candidate due to relatively low efficacy, the group intends to restructure and focus on research in vaccines for cancer therapy.
- In the face of financial difficulties, Curevac in Germany seeks to restructure its operations and lower its operating costs by 30% as part of a group restructuring, resulting in plans to eliminate nearly one third of its positions.
- GSK, a pharmaceutical company based in Great Britain, invests in Curevac's mRNA vaccines during a time of global concern with the coronavirus (COVID-19) pandemic, demonstrating a united front in the global fight against the disease.
