Erste Group Plans Tender Offer to Boost Poland Bank Stake 
Japan Private-Sector Growth Slows as Domestic Demand Weakens 
OpenAI Agent Breaches Australia Medicare Data Portal 
Oracle Shares Fall as New Mexico AI Data Center Faces Power Delays 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
SMBC Eyes 20% VPBank Stake in Vietnam Expansion 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
Solidigm Eyes $150 Billion IPO as SK Hynix Expands AI Storage Push 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Airbus Finds A321neo Fuselage Quality Issue 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Tesla Semi Rollout Begins at Nevada Factory 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
FDA Approves Mirum’s Atebrioz for Rare Bone Disorder FOP 
Add as a preferred source on Google
Moderna Inc. enters a historic $1 billion deal with China to research, develop, and produce exclusive mRNA medicines in the country. The agreement, announced amid growing Sino-American tensions, signifies Beijing's increasing openness to foreign pharmaceutical involvement.
The Cambridge, Massachusetts-based pharmaceutical and biotechnology company announced the new deal with Chinese officials on Wednesday, July 5. The agreement is for Moderna to research, develop and produce messenger RNA medicines in the country.
CNBC noted that an agreement was reached despite the growing tensions between China and the United States. Moderna and Beijing signed a memorandum of understanding (MOU) and land collaboration deal to develop drugs that will be made "exclusively for the Chinese people." This means the two sides agreed that the new drug would never be exported and remain in China.
A local media publication reported earlier this week that Moderna is set to invest about $1 billion in the project. It was added that Moderna's chief executive officer, Stephane Bancel, is set to visit Shanghai, possibly to talk more about the deal and for facility inspection.
"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 company's spokesman stated.
In a separate statement that was sent to Yahoo Finance, Moderna said, "We signed a memorandum of understanding and a related land collaboration agreement to work toward opportunities for Moderna to research, develop and manufacture mRNA medicines in China."
The deal shows that Moderna is trying to take advantage of the success of its COVID-19 vaccine that has been used on people worldwide. The vaccine used a platform called mRNA to push human cells to make an immune response against a virus. At any rate, the agreement was sealed on Wednesday, and this is Moderna's very first deal with the Chinese government.
Photo by: Ian Hutchinson/Unsplash
