Moderna has reached a memorandum of understanding and a land collaboration agreement to research, develop, and manufacture mRNA medicines in China, the company has confirmed to multiple media outlets.
As first reported by Chinese publication Yicai on Tuesday, the Massachusetts-based vaccine maker is set to announce investment in China of as much as $1 billion.
Moderna’s chief executive Stéphane Bancel has arrived in Shanghai to attend a signing event for the agreement on Wednesday, according to Yicai’s report.
"Any medicines produced under this agreement will be exclusively for the Chinese people ... and will not be exported," a Moderna spokesperson told Reuters and CNBC.
“These agreements are focused on strengthening health security by targeting unmet needs and contributing to the ecosystem of medical solutions available to patients in China.”
The spokesperson did not provide any additional detail on the deal, such as its size. It marks Moderna’s first agreement with China.
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