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If Oxford’s Covid-19 Vaccine Succeeds, Layers of Private Investors Could Profit

In the race for a Covid-19 vaccine, the University of Oxford stands out. The 900-year-old school’s Jenner Institute is competing against a number of large, publicly traded pharmaceutical companies whose investors could gain handsomely from an effective jab.

Even at Oxford, though, layers of private investors are poised behind the scenes to profit if the vaccine works. They include the university itself, two of the scientists at the center of the program’s research and a little-known investment firm started last year by a former…

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