Moderna Inc (NASDAQ:MRNA) agreed in principle with the Australian government to build a messenger RNA (mRNA) vaccine manufacturing facility in Victoria, Australia, including access to Moderna's mRNA development engine.
- The Australian Prime Minister Scott Morrison said the plant in Victoria state was expected to produce up to 100 million mRNA vaccine doses every year when it begins operations in 2024.
- Under the deal, the facility will produce 25 million doses a year from 2024, with the capacity to ramp up production to 100 million doses.
- The government expects the deal to create up to 500 jobs during construction and about 500 ongoing roles.
- As part of the deal, Moderna has also agreed to run clinical trials in Australia and base its Asia-Pacific head office in Melbourne.
- Though the financial details were not disclosed, Australian media reported the deal could be worth about A$2 billion ($1.43 billion).
- Separately, the Ministry of Food and Drug Safety of Korea issued a marketing authorization for Moderna's Spikevax manufactured by Samsung Biologics.
- Price Action: MRNA shares are down 1.83% at $267.00 during the premarket session on the last check Tuesday.
