Oct 1 (Portal) – Moderna Inc (MRNA.O) has refused to hand over the key intellectual property behind the development of its COVID-19 vaccine to China, leading to a breakdown in negotiations to sell it there, the reported Financial Times Saturday, citing people familiar with the matter.
The Cambridge, Massachusetts-based pharmaceutical company turned down China’s request to release the prescription for its mRNA vaccine over commercial and safety concerns, the newspaper said, citing people involved in negotiations that took place between 2020 and 2021, adding that the vaccine maker is still “eager” to sell the product to China.
The company has “abandoned” its previous efforts to enter the Chinese market because China has required the technology to be handed over as a condition of selling it in the country, the report said.
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Moderna did not immediately respond to Portal’ request for comment.
China has not approved any foreign COVID-19 vaccines and relies on several domestically developed vaccines.
In September, Paul Burton, Moderna’s chief medical officer, said the company was keen to work with China to supply the country with its mRNA-based COVID-19 vaccines.
“We would certainly be very interested in working with China if they felt there was a need for a vaccine there,” Burton said at a media briefing for reporters in Asia. “There are currently no activities taking place, but we would be very open to them.”
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Reporting by Rhea Binoy in Bengaluru; Editing by Jonathan Oatis
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