CureVac's COVID-19 shot just failed in a large trial, a major setback for the Gates-backed biotech

An employee of German biopharmaceutical company CureVac.
REUTERS/Andreas Gebert
CureVac's experimental COVID-19 vaccine failed in a pivotal clinical study, the biotech said Wednesday.
It's the first late-stage study to flop, with CureVac's vaccine showing 47% effectiveness.
The German biotech saw its stock price drop by more than 50% in post-market trading.See more stories on Insider's business page.
A COVID-19 vaccine candidate developed by the German biotech CureVac failed in a critical late-