CureVac NVNASDAQ: CVAC

CureVac (NASDAQ: CVAC ) layoffs are coming for the vaccine maker's employees as it prepares to undergo a restructuring to streamline its business. CureVac has announced that its layoffs will affect 30% of its global workforce.

CureVac (NASDAQ: CVAC ) stock is on the rise Wednesday after the company announced a restructured licensing agreement with GSK (NYSE: GSK ). This new agreement has GSK taking over the development and manufacturing of certain vaccines made by CureVac.

Strategic restructuring includes a workforce reduction of approximately 30%, re-focusing on research, development, and innovation to create leaner and more agile organization Prioritization of high-value opportunities in oncology and other selected diseases, leveraging proprietary mRNA technology to develop novel treatment approaches Company expects to deliver two or more clinical candidates by the end of 2025 and plans to initiate at least two new Phase 1 studies by the end of 2026 Cash runway extended into 2028 through combination of new licensing agreement with GSK, reduced operating expenses and enhanced financial discipline TÜBINGEN, GERMANY and BOSTON, MA / ACCESSWIRE / July 3, 2024 / CureVac N.V. (Nasdaq:CVAC) ("CureVac"), a global biopharmaceutical company developing a new class of transformative medicines based on messenger ribonucleic acid ("mRNA"), today announced a significant strategic restructuring to focus its resources on high-value mRNA projects in oncology and other select areas of substantial unmet medical need.

CureVac N.V., a biopharmaceutical company based in Tübingen, Germany and Boston, MA, will announce its financial results and business updates for the fourth quarter and full-year 2023 on Wednesday, April 24, 2024.

CureVac N.V. (CVAC) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it.

The heavy selling pressure might have exhausted for CureVac N.V. (CVAC) as it is technically in oversold territory now.

CureVac N.V. (NASDAQ:CVAC ) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET Company Participants Sarah Fakih - VP, Corporate Communications and IR Alexander Zehnder - CEO Pierre Kemula - CFO Myriam Mendila - CDO Marcus Dalton - Head, Intellectual Property Conference Call Participants Evan Wang - Guggenheim Ellie Merle - UBS Eun Yang - Jefferies Charlie Yang - Bank of America Operator Greetings and welcome to the CureVac Financial Results for Third Quarter and First Nine Months of 2023 Business Update.

CureVac previously failed to develop a successful COVID-19 vaccine, but filed a lawsuit last year against BioNTech alleging intellectual property violations. On Thursday a German court paused proceedings in the lawsuit while it awaits the outcome of BioNTech's challenge to the validity of that IP.

CureVac NV CVAC, -3.85% said Tuesday that it has selected an mRNA flu vaccine candidate for continued clinical development, based on positive results from an early-stage study conducted in collaboration with GSK PLC GSK, +1.29%. The investigational vaccine provides broad antigen coverage against flu strains recommended by the World Health Organization and will advance to a phase 2 study, with dosing of the first study participant expected in the fourth quarter of this year, the company said in a release.