Moderna shares lead after reaching mRNA drug development deal with China

Key Points

  • Moderna shares rose 1.5% on Wednesday after an agreement was signed with China to research, develop and manufacture mRNA treatments there.
  • The drugs produced would be for Chinese use only, none would be exported.
  • A report said the deal could be worth $1 billion.

Moderna (MRNA) shares climbed 1.5% on Wednesday after the vaccine maker has reportedly signed an agreement with the Chinese government to research, develop and manufacture mRNA-based drugs in the country.

Moderna told Reuters it had signed a memorandum of #39;agreement and a land collaboration agreement to produce drugs that would be exclusively for the Chinese people and will not be exported.

Chinese news outlet Yicai reported the deal could be worth around $1 billion, and CEO Stephane Bancel was visiting Shanghai.

Agreement is the first for Moderna in China, and also its first to involve mRNA drugs in general, not just COVID-19 injections.

The company was looking for ways to increase revenue as demand for its COVID-19 vaccine declines. Despite Wednesday's lead, Moderna shares have lost three-quarters of their value since hitting an all-time high in August 2021.


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