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Moderna has turned down a request from Beijing to hand over the key intellectual property behind the development of its breakthrough COVID-19 vaccine.
Several people told the Financial Times that this has derailed sales negotiations there.
The pharmaceutical company had commercial and safety concerns about the formulation.
Moderna is reportedly still interested in selling the product to China.
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Illustration Moderna logo and vaccination (iStock / iStock)
The talks ran between 2020 and 2021.
The mRNA vaccine technology used by Moderna and BioNTech/Pfizer lasts longer and offers a higher level of protection than the inactivated vaccine technology used by Chinese manufacturers.
Several Chinese pharmaceutical companies are scrambling to develop a home-made mRNA alternative, but are struggling as more infectious variants emerge.
A pharmacist holds a vial of moderna coronavirus disease (COVID-19) vaccine in West Haven, Connecticut. (Portal/Mike Segar/File Photo/Portal)
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A person close to the Moderna team in Greater China told the FT the company had “abandoned” its earlier efforts to enter the Chinese market because Beijing required the technology to be handed over as a condition of selling it in the country.
Workers in protective suits ride an electric tricycle on a street during the lockdown amid the coronavirus disease (COVID-19) pandemic in Shanghai, China, 1 May 2022. Portal/Aly Song (Portal/Aly Song / Portal Photos)
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 118.25 | +0.18 | +0.15% |
Moderna leadership did not want to share the vaccine recipe with a Chinese partner in case the partner botched manufacturing and damaged the company’s reputation.
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In recent weeks, Moderna has shown interest in resuming talks with China.