Moderna to make maiden investment in Chinese mainland

US mRNA vaccine developer Moderna signed a strategic cooperation contract with Shanghai authorities on Wednesday.

The contract marks Moderna's first investment in the Chinese mainland.

According to the tripartite agreement between the Shanghai Municipal Commission of Economy and Informatization, the district government of Minhang, and Moderna, the three parties will collaborate in matters relating to investment, research and development, production and commercialization in the biomedical sector.

The company's first investment in the Chinese mainland will involve setting up R&D pipelines in Minhang and conducting clinical trials on new medicines.

Moderna has already registered a biotech company in Minhang district and established its Chinese headquarters there. It plans to set up several wholly-owned subsidiaries under the Chinese headquarters which will cover investment management, R&D, sales and production. The company is also planning to build a plant to improve its R&D capabilities.

One of the world's leading mRNA vaccine developers, Moderna focuses on cancer immunotherapy, mRNA-based medicine R&D and virus prevention technologies. According to its 2022 financial report, the company generated a total revenue of $19.263 billion last year, a year-on-year growth of 4.29 percent.

Xinhua contributed to this story.