French healthcare group Sanofi ($SNY@France) has abandoned its bid to create a proprietary COVID-19 vaccine in light of its competitors’ success. Because Moderna ($MRNA@US), BioNTech ($BNTX@Germany), and Pfizer ($PFE@US) have been so prolific, Sanofi wants to shift its focus before losses mount. Currently, the group plans to work with GlaxoSmithKline ($GSK@UK) to help bring a vaccine to the market. While the firm has seen positive results in Phases 1 and 2 of development, the vaccine project acquired when it bought Translate Bio could not keep up with the competition. Sanofi stock traded higher in early activity, surpassing $48 per share.
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