Moderna, Shanghai sign biomedicine agreement

Moderna, the United States-based pharmaceuticals manufacturer, signed a strategic cooperation agreement with authorities in Shanghai on Wednesday, marking the company's first investment on the Chinese mainland.

Under the agreement among the Shanghai Commission of Economy and Informatization, the district government of Minhang and Moderna, the parties will collaborate on investment, research and development, production and commercialization in the biomedical sector, it was announced by the Minhang district government on Thursday.

The company's first investment project on the Chinese mainland will involve setting up an R&D base in Minhang and conducting clinical trials on new medicines to put its products on the market, and produce and sell them in China.

Moderna has 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, production and to build a plant to improve its capability in R&D.

Shanghai Party Chief Chen Jining met with Moderna CEO Stephane Bancel on Wednesday and briefed him on the latest developments in the biomedical industry in the city. Chen pointed out that biomedicine is one of the three new leading industries in the city and has already achieved a comparatively complete industrial chain.

Chen hopes the cooperation will propel more advanced technology and innovative products to be born in Shanghai. He also promised the city will continue to form a top-level business environment offering enterprises efficient and convenient services.

Bancel, who visited Shanghai in April, said he has been impressed by China and Shanghai's determination and action to accelerate the biochemical industry.

As one of the world's leading mRNA vaccine developers, Moderna focuses on cancer immunotherapy, including mRNA-based medicine R&D and virus prevention technologies.

Last year, the company reported total revenue of $19.2 billion, a year-on-year increase of 4.29 percent.