US-based mRNA specialist Moderna Inc. (NASDAQ: MRNA) has revealed further details of its entry into the China market, with an agreement that vaccines manufactured locally will remain exclusively within the China market, as reported by Reuters based on an email response from a company spokesperson. This agreement is part of a memorandum of understanding and land collaboration agreement signed with the Shanghai government, with Moderna expected to invest up to USD 1 billion to establish its presence in the city. This follows last week’s report that Moderna was setting up its first company entity in Shanghai with a USD 100 million investment.
Shanghai Municipality Government Confirms Deal with Moderna
The Shanghai municipality government confirmed the deal with Moderna, with Shanghai’s Communist Party Secretary Chen Jining having met with Moderna CEO Stephane Bancel on Wednesday (July 5) this week. In a statement, Chen commented that the government will provide support to accelerate Moderna’s projects and encourage new technologies to enter Shanghai, highlighting the city’s commitment to fostering innovation in the biotechnology sector.
Moderna’s Asia-Pacific Expansion and COVID-19 Vaccine Status
Moderna had no presence in the Asia-Pacific until it opened an office in Hong Kong last year. The company’s COVID-19 vaccine was first issued an emergency use authorization from the US FDA in December 2020, one week after Pfizer-BioNTech’s product. Neither vaccine has gained approval in China to date, as the government aimed to encourage domestic producers. China issued its first approval for a COVID-19 mRNA vaccine to CSPC Pharmaceutical Group Ltd (01093.HK) in March this year.
Moderna’s Broad mRNA Pipeline and Therapies
Beyond COVID-19, Moderna’s pipeline includes mRNA vaccines for influenza, respiratory syncytial virus (RSV), and zika virus, among others, as well as therapeutics for a range of disease areas. This includes the Phase III-stage individualized neoantigen therapy (INT) product under co-development with Merck, Sharp & Dohme, demonstrating Moderna’s commitment to advancing mRNA technology for various healthcare applications.-Fineline Info & Tech
