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Nikos Picardis | Norphoto | Getty Images
accident It said on Wednesday it had struck a deal with Chinese officials to research, develop and manufacture RNA drugs in the country, despite rising tensions between the United States and China.
The Massachusetts-based biotechnology company signed a memorandum of understanding and a land-related cooperation agreement to develop drugs that “will be exclusive to the Chinese people” and will not be “exported,” a Moderna spokesperson told CNBC.
Chinese media outlet Yicai first mentioned On Tuesday, Moderna is set to make its first investment in China that could be worth about $1 billion, citing unnamed sources. The outlet also reported that the CEO of Moderna Stefan Bancel He was visiting Shanghai.
A Moderna spokesperson did not confirm the report or comment on the size of the deal.
“These agreements focus on enhancing health security by targeting unmet needs and contributing to the ecosystem of medical solutions available to patients in China,” the spokesperson said.
Moderna is trying to capitalize on the success of its Covid vaccine, which uses a platform called mRNA to teach human cells to produce an immune response against the virus.
Moderna has several contracts to export or locally manufacture COVID vaccines to countries such as Japan, Canada, Australia and Kenya. The deal revealed on Wednesday is the company’s first agreement with China.
It’s also the first deal to involve mRNA drug development in general, not just Covid shots.
Moderna said in May that it was Eager to sell mRNA Covid vaccine To China after registering a legal entity in the world’s second largest economy.
But the company and other US-based companies have so far been excluded from the Chinese market.
Beijing has repeatedly insisted that Chinese-made Covid vaccines be used for its population, even though theirs are considered less effective than those from New York-based Moderna. Pfizer.
The country has also struggled to develop at-home mRNA technology during the pandemic. China only approved its first mRNA injection earlier this year.
Separately on Wednesday, China’s Ministry of Commerce said so Meeting With some of the world’s leading pharmaceutical manufacturers to discuss their business operations in the country.
It includes PfizerAnd astrazeneca, Novo NordiskAnd merckAnd Sanofi And GE HealthCare Technologies. It is unclear if Moderna was included in the engaging discussion.
The Moderna deal comes as tensions escalate between the United States and China on issues ranging from national security to heavy reliance on Chinese supply chains. The Biden administration has taken a hostile stance Sizes To diversify investment and trade away from China.
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