Curevac abandons Covid shot after disappointing trial results

The shares fell as much as 12% in premarket U.S. trading.

CureVac NV is abandoning its first-generation Covid-19 vaccine to focus on another shot it’s developing together with GlaxoSmithKline Plc.
 

European regulatory authorities had indicated the vaccine probably wouldn’t be approved before the second quarter of next year, the Tuebingen, Germany-based biotech said on Tuesday. By then, CureVac and Glaxo expect to be conducting late-stage patient trials of a second-generation shot, the company said. The company’s advanced purchase agreement with the European Commission will be a cancelled as a result. 

CureVac’s first-generation Covid vaccine delivered disappointing trial results earlier this year. The shot was 48% effective at preventing disease of any severity