Moderna has inked a deal to move toward producing messenger RNA (mRNA) vaccines for China, seeking a foothold in the world’s second-largest pharmaceutical market even as geopolitical tensions rise.
The Cambridge, Massachusetts-based company signed a memorandum of understanding and land collaboration agreement on Wednesday to work toward researching, developing and producing mRNA vaccines in China, according to a statement. The U.S.-based developer of an mRNA vaccine for COVID-19 may invest around $1 billion, local media outlet Yicai reported Tuesday, citing sources it didn’t identify.
Moderna declined to comment on the size of its investment.