Moderna signs deal to make mRNA vaccines for Chinese market
Moderna will open its Chinese headquarters in Shanghai’s Minhang district, according to a company spokesman. PHOTO: REUTERS
UPDATED
3 HOURS AGO
SHANGHAI – Moderna will push towards producing messenger RNA (mRNA) vaccines for China, seeking a foothold in the world’s second-largest pharmaceutical market even as geopolitical tensions rise.
The Cambridge, Massachusetts-based company signed a memorandum of understanding and land collaboration agreement on Wednesday to work towards researching, developing and producing mRNA vaccines in China, according to a statement.
Moderna, the developer of an mRNA vaccine for Covid-19, may invest around US$1 billion (S$1.35 billion), local media outlet Yicai reported on Tuesday, citing sources it did not identify.
The company declined to comment on the size of its investment.
Moderna will open its Chinese headquarters in Shanghai’s Minhang district, according to a company spokesman.
The Chinese financial hub is home to the mainland headquarters of several global pharmaceutical companies, along with local biotech firms. Moderna will work with the local government to conduct clinical trials and apply to bring products to the market as well as to produce and sell them in China.
A statement on Thursday from the Shanghai municipal government said Moderna chief executive Stephane Bancel had signed the agreement with the city the previous day.
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