- 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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