(Reuters) – U.S. drugmaker Merck & Co said on Wednesday it had sold its equity investment in vaccine developer Moderna Inc. Merck said it had achieved a substantial gain on its direct holding in Moderna, particularly this year, as the company moved closer to developing a coronavirus vaccine. Merck did not disclose the details of the sale proceeds, but said it expects to record a small gain from the sale in the fourth quarter of 2020. Moderna’s shares have risen more than seven-fold this year, valuing the company at $55.80 billion as of Tuesday’s closing price. Moderna is one of the front-runners in the race to develop a coronavirus vaccine, and on Monday filed for U.S. emergency use authorization of its vaccine. Merck, which had invested $50 million in Moderna in 2015, said it would retain exposure to the company indirectly through its investment in venture funds.