US vaccine maker Moderna set to sign US$1 billion Shanghai deal in major inroad into China’s healthcare market
- The maker of mRNA Covid-19 vaccines is expected to sign an agreement with the Shanghai government as early as Wednesday
- The US$1 billion would be ploughed into several vaccine development and manufacturing projects, according to sources
US vaccine maker Moderna is expected to sign an agreement with the Shanghai government as early as Wednesday to invest about US$1 billion in the commercial hub of China as it promotes mRNA (messenger ribonucleic acid)-based products in the world’s second-largest economy.
The company’s CEO Stephane Bancel has landed in Shanghai to seal the investment deal, according to two people with knowledge of the matter.
The signing of the foreign direct investment (FDI) deal comes after Moderna set up a legal entity in Shanghai earlier this year for what it described as a preliminary step to engage in the Chinese market.
The US$1 billion would be ploughed into several vaccine development and manufacturing projects, the sources said, without elaborating.
Neither the Shanghai municipal government, nor Moderna has responded to queries by the Post yet.