Merck & Co. said it sold its stake in Moderna Inc., the biotechnology company that’s in the midst of developing a Covid-19 vaccine. The shares of both companies rose.

Merck sold its direct equity investment in Moderna during the first half of the fourth quarter, according to a statement from the US drugmaker on Wednesday. No terms of the sale of the holdings were given.

Shares of Moderna fell by as much as 9% as the US market opened, but the stock recovered quickly and was up 2.5% to US$144.50 ($193.42) at 10:05 a.m. in New York trading. The company’s stock has seen a more-than-sevenfold surge so far this year. Merck’s shares were up 0.42% to US$81.90.

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