The following is an excerpt from CNBC.
Moderna on Wednesday said it struck a deal with Chinese officials to research, develop and manufacture messenger RNA medicines in the country, despite rising tensions between the U.S. and China.
The Massachusetts-based biotech company signed a memorandum of understanding and a related land collaboration deal to develop drugs that will “be exclusively for the Chinese people” and won’t “be exported,” a Moderna spokesperson told CNBC.
Chinese media outlet Yicai first reported on Tuesday that Moderna was slated to make its first investment in China that could be worth around $1 billion, citing unnamed sources.
The outlet also reported that Moderna CEO Stéphane Bancel was visiting Shanghai.
The Moderna spokesperson did not confirm the report or comment on the size of the deal.
“These agreements are focused on strengthening health security by targeting unmet needs and contributing to the ecosystem of medical solutions available to patients in China,” the spokesperson said.
Moderna has several contracts to export or locally manufacture Covid jabs for countries such as Japan, Canada, Australia and Kenya. The deal disclosed Wednesday is the company’s first agreement with China.
It’s also the first deal to involve developing mRNA medicines overall, not just Covid shots.
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