Maddie Meyer
- COVID-19 vaccine maker Moderna (NASDAQ:MRNA) is said to have established a unit in Shanghai, China, this week at an initial capital of $100M as the biotech looks for opportunities in the world's second-largest economy.
- Moderna (China) Biotech Ltd was registered on May 24 in the Chinese financial hub, Reuters reported Friday, citing local data providers, including the 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 company spokesperson said in response to a question from the news agency.
- Cambridge, Massachusetts-based Moderna (MRNA) previously had no business presence in mainland China though it opened an office in Hong Kong last year as part of a pivot to Asia.
- The registration of Moderna's (MRNA) Chinese unit comes days after respiratory disease specialist Zhong Nanshan, the public face of China's fight against COVID, warned about a potential resurgence of the virus in June.