Moderna says looking for opportunities in China after registering legal
entity
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[May 26, 2023]
BEIJING (Reuters) -U.S. vaccine maker Moderna said on Friday it
was looking for opportunities in China after confirming that it had
registered a legal entity in the world's second largest economy.
The U.S. pharmaceutical and biotech firm registered a unit called
Moderna (China) Biotech Limited in Shanghai on May. 24 with capital of
$100 million, according to Chinese data providers including company
database Qichacha.
"We are exploring opportunities to engage in the market and bring the
power of Moderna’s mRNA platform to the people of China," a spokesperson
said in response to a query from Reuters.
The company prior to this had no presence in mainland China. It opened
an office in Hong Kong last year as part of an Asia expansion.
Its establishment of a mainland China unit comes as its revenue growth
slows sharply due to waning global demand for its COVID vaccine, the
U.S. company's only approved product.
The company in February forecast a possible net loss for 2023, calling
it a transition year before it starts to see sales from experimental
vaccines for respiratory syncytial virus (RSV) and flu.
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Moderna logo and stock graph are seen
displayed in this illustration taken, May 3, 2022. REUTERS/Dado
Ruvic/Illustration/File Photo
Those vaccines, based on the same
mRNA platform as its COVID shot, have yet to be filed for regulatory
approval decisions.
Moderna has said that it was keen to sell its mRNA vaccine to China
but the company and its foreign peers have so far been kept out as
Beijing has insisted on using only Chinese-made COVID-19 vaccines
for its population.
CEO Stephane Bancel visited Shanghai last month during which he said
Moderna will accelerate its investment in Shanghai and work with
Chinese partners on local research, development, according to local
media Yicai Global.
(Reporting by Beijing newsroom and Brenda Goh; editing by Jason
Neely and Philippa Fletcher)
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