Moderna
stock was rising Wednesday after the drugmaker reached an agreement to produce mRNA vaccines in China.
Chinese media company Yicai reported on Tuesday that Moderna (ticker: MRNA) will invest as much as $1 billion in China. Moderna declined to comment on the size of the investment to Barron’s, but the company confirmed it had reached a memorandum of understanding to research, develop, and manufacture mRNA medicines in China.
“Any medicines produced under this agreement will be exclusively for the Chinese people—who face many of the same health challenges that affect other communities around the world—and will not be exported,” the company said.
Moderna also announced on Wednesday that it has submitted marketing authorization applications for mRNA-1345 with the European Medicines Agency, Swissmedic, and the Therapeutic Goods Administration in Australia. The vaccine mRNA-1345 is meant to prevent RSV-associated lower-respiratory-tract disease.
“mRNA-1345 represents the second product coming from our mRNA platform to seek global approval, and with recent positive data in rare disease and cancer, we expect more in the future—further demonstrating the tremendous potential of mRNA to combat disease,” CEO Stéphane Bancel said in the news release.
Moderna stock is the top performer in the
S&P 500
Wednesday, gaining 4.8% to $127.47.
Write to Angela Palumbo at [email protected]
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