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 which could be worth around $1 billion, citing unnamed sources. The outlet also reported that Moderna CEO Stéphane Bancel was visiting Shanghai.
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 a virus, reported CNBC.
We imagine the term 'success' will be redefined as more information comes out regarding the nefarious nature of the Covid vaccination program.
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