Home Healthcare Moderna Inc. (NASDAQ:MRNA) in China Looking To Expand As Revenue Slows

Moderna Inc. (NASDAQ:MRNA) in China Looking To Expand As Revenue Slows

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Moderna Inc.
Moderna Inc.

Moderna Inc. (NASDAQ: MRNA) increases 0.68% in pre trading session on Tuesday as After verifying that it has created a legal organization in the world’s second biggest economy, the corporation recently claimed that it was searching for prospects in China.

According to Chinese data sources such as corporate database Qichacha, the US pharmaceutical and biotech corporation created a unit called Moderna (China) Biotech Limited in Shanghai on May 24 with a capital of $100 million.

“We are exploring opportunities to engage in the market and bring the power of Moderna’s mRNA platform to the people of China,” a spokeswoman told Reuters in response to a question.

Prior to this, the corporation had no presence in mainland China. As part of its Asia growth, it built an office in Hong Kong last year.

Its construction of a mainland China business comes as revenue growth slows drastically owing to dwindling worldwide demand for its COVID vaccine, the only authorized product of the US company.

In February, the business predicted a likely net loss for 2023, referring to it as a transition year before it begins to see sales from experimental vaccines for respiratory syncytial virus (RSV) and flu.

Those vaccines, which are based on the same mRNA technology as the COVID injection, have yet to be submitted for regulatory clearance.

Moderna has said that it would want to sell its mRNA vaccine to China, but the business and its international competitors have been barred from doing so since Beijing insists on utilizing only Chinese-made COVID-19 vaccines for its population.

According to local media Yicai Global, CEO Stephane Bancel visited Shanghai last month and stated that Moderna will increase its investment in Shanghai and collaborate with Chinese partners on local research and development.

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